Whisk flour and salt together in a large bowl; set aside.
Combine yeast and sugar in a medium bowl; add water and stir once. Let stand until yeast has bloomed and bubbled up slightly, about 5 minutes.
Meanwhile, line the bottom and sides of a multi-functional pressure cooker (such as Instant Pot®) with parchment paper that has been lightly coated with cooking spray.
Add the yeast mixture and oil to the flour mixture, and stir until incorporated and a shaggy, slightly sticky dough is formed. Add dough to the pot. Close and lock the lid; seal vent. Select Yogurt function; set timer for 4 hours.
Remove lid. Dough should be doubled in size, and will have tiny bubbles on the surface. Lift out dough using parchment paper. Turn dough onto a lightly floured sheet of parchment, and form into a ball. Sprinkle top dough ball lightly with flour, and cover with a kitchen towel. Allow to rest until slightly risen, 30 to 40 minutes.
While dough is resting, place a Dutch oven with a lid in the oven, and preheat to 450 degrees F (225 degrees C) for 30 minutes.
Carefully remove Dutch oven from the oven. Transfer in dough using parchment. Cut slits in the top. Cover and return to the oven. Bake for 30 minutes. Uncover, and bake until golden brown and crusty, 10 to 15 minutes. Transfer loaf to a cooling rack; let cool slightly before slicing.
If you use a scale, weigh out 14 7/8 ounces bread flour.
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