Set Instant Pot to saute function. When pot is hot, add oil, onion, garlic, and jalapenos. Cook, stirring regularly until onions begin to soften, about 2 minutes.
Turn Instant Pot off, and add in remaining ingredients. Mix well. Seal pot with the lid, and cook on high pressure for 50 minutes. Allow to naturally release for 15 minutes. Then manually release any remaining pressure.
Ladle out about 1 cup of excess liquid and reserve. Drain beans into a colander, and discard any remaining liquid.
Transfer beans back to Instant Pot, and using an immersion blender, puree beans slowly and gradually adding the reserved cooking liquid until desired consistency is reached. Adjust seasonings to taste.