Begin by setting your Instant Pot to the sauté mode. Add the extra virgin olive oil, allowing it to heat up for a minute. Then, add the diced yellow onion and jalapeño. Sauté for about 3-4 minutes until the onion becomes translucent. Stir in the minced garlic and cook for another minute until fragrant.
Sprinkle in the kosher salt, paprika, chili powder, cumin, and oregano. Stir well to combine and let the spices toast for about a minute.
Add the long-grain rice to the pot, stirring it into the onion and spice mixture. Toast the rice for 2-3 minutes.
Carefully pour in the chicken stock and tomato sauce. Stir to combine, ensuring no rice grains are sticking to the bottom.
Close the lid of the Instant Pot, ensuring the valve is set to sealing. Set the pressure cooker to high pressure for 6 minutes. Allow for a natural pressure release for about 10 minutes before performing a quick release.
Once all the pressure is released, carefully remove the lid. If you chose to add butter, stir it in now. Fluff the rice with a fork and serve warm.