Set your Instant Pot to the "Sauté" function. Once hot, add the olive oil.

Add the diced onion and sauté for about 3-4 minutes until softened.

Stir in the minced garlic and cook for an additional 1 minute until fragrant.

Pour in the crushed tomatoes and vegetable broth, stirring to combine.

Add the sugar, and season with salt and pepper to taste. Stir well.

Close the lid of the Instant Pot and ensure the valve is set to "Sealing."

Select the "Manual" or "Pressure Cook" function and set the timer for 10 minutes.

Once the cooking time is complete, allow the pressure to release naturally for 5 minutes, then switch the valve to "Venting" to release any remaining pressure.

Carefully remove the lid and use an immersion blender to purée the soup until smooth. (Alternatively, you can transfer the soup in batches to a regular blender, then return it to the pot.)

Stir in the heavy cream and chopped fresh basil. Taste and adjust seasoning as needed.

Ladle the soup into bowls, garnish with additional fresh basil if desired, and enjoy with crusty bread or grilled cheese sandwiches.