In the metal pot of your Instant Pot, add the oil and use a pastry brush to spread it around the full bottom of the pot.

Add the rice, water, and salt.

Lock the lid in place and select High Pressure and 4 minutes cook time. When the cook time has passed, let the pressure cooker rest at natural pressure release for 10 minutes. After 10 minutes, release any remaining pressure with a quick pressure release.

Add the sugar to the cooked rice and stir to combine.

In a small mixing bowl, whisk together the milk, eggs, and vanilla. Slow pour the egg mixture, while stirring the rice, into the cooked rice.

Select sauté and cook, stirring constantly, until mixture starts to boil. Once it starts to boil turn off pressure cooker. Remove pot from the pressure cooker. Stir in cinnamon and raisins (if using).

Pudding will thicken as it cools. Serve warm or pour into serving dishes and chill.