Select 'SAUTE' on Instant Pot. Add the oil to the bottom of Instant Pot.
Cooking in batches, place stew meat in Instant Pot and brown on all sides. Remove and brown remaining stew meat. Return all browned stew meat to the Instant Pot.
Add the potatoes, carrots, onion, garlic, red wine, and undrained tomatoes.
Add bay leaf, salt and pepper. Stir to combine.
Place the lid on Instant Pot and move valve to closed. Select 'MANUAL' and set to HIGH pressure with a cook time of 15 minutes.
At the end of the 15 minutes cooking time, use the quick release and carefully remove lid. Remove bay leaf and discard.