Sauté the aromatics – Set the Instant Pot to sauté mode on "More" or "High." Add the olive oil and butter, letting it melt and start bubbling.
Build the base – Stir in the shallot and cook for 2 minutes. Add the garlic and sauté for 1 more minute. Pour in the white wine and let it simmer for a minute to reduce slightly.
Add seasonings and liquids – Pour in the clam broth (reserving clams for later), lemon juice, basil, oregano, Old Bay, and black pepper. Stir well to combine.
Add pasta – Break the linguine in half and lay it on top of the liquid. Do not stir; just gently press the noodles down so they are mostly submerged.
Pressure cook – Secure the lid, set the valve to "Sealing," and cook on High Pressure for 6 minutes. Once done, perform a quick release to release the pressure.
Finish the sauce – Once the lid is off, stir in the clams and Parmesan cheese. Let it sit for about 5 minutes, stirring occasionally, until the sauce thickens and the clams are warmed through.
Serve – Plate the pasta and top with extra Parmesan cheese, if desired. Enjoy your Instant Pot linguine!