Set the Instant Pot to sauté mode and heat the olive oil.
Add the beef stew meat and cook until browned on all sides, about 5 minutes. Remove and set aside.
In the same pot, add the diced onion, carrots, and celery. Sauté for 3-4 minutes until softened.
Stir in the minced garlic and cook for another 30 seconds until fragrant.
Return the browned beef to the pot. Add beef broth, diced tomatoes, barley, thyme, oregano, salt, pepper, and the bay leaf.
Close the lid and set the Instant Pot to pressure cook on high for 25 minutes.
Once the cooking time is done, allow a natural pressure release for 10 minutes before manually releasing any remaining pressure.
Remove the bay leaf and stir well. Garnish with fresh parsley before serving.