Place rinsed beans, onion, garlic, jalapeno, cumin, oregano, black pepper, oil and broth in Instant Pot.
Cover the Instant Pot and make sure the valve is on sealing. Set instant pot by pressing the beans/chili setting and adjusting the time to 45 minutes.
When timer is complete, allow pot to come to a natural release. This will take about a half hour (could be a bit more).
Once the pressure has been released, season with salt and use immersion blender to process to desired consistency.
If desired, garnish with more jalapenos, cheese and/or cilantro before serving.