Arrange a steamer basket in the bottom of Instant Pot.
Arrange the orange slices and basil leaves into the steamer basket and pour the water on top.
Secure the lid and turn to “Seal” position.
Cook on “Manual” with “High Pressure” for about 5 minutes.
Press “Cancel” and do a quick release.
Remove the lid and transfer the water alongside the orange slices and basil leaves into a pitcher.
Set aside to cool completely.
Serve over ice.