Set Instant Pot to saute setting.
Add oil to Instant Pot. When oil is hot, saute onions and garlic for a few minutes until onions are translucent.
Add beef and sear for a minute.
Stir in beef broth, wine, worcestershire sauce, mushrooms, Italian seasoning, salt and pepper. Stir.
Lock the lid in place and set vent to closed.
Set to pressure cook on high for 35 minutes.
Allow a 10 minute natural release then carefully turn the valve to vent and release remaining steam.
Set pot to saute setting.
Make a corn starch slurry by whisking the cornstarch and ¼ cup of water.
Once liquid is boiling, add the slurry to the pot and stir for a couple minutes until the gravy begins to thicken.
Serve.