@melaka's answer works great, even in Swift 6 / iOS 18 / 2025 (yes, rapidly moving platform). I think their answer got downvoted because the sample code is a little undercooked, so here's a more complete example.

In this example, it's loading a local resource and looping, but should work with a remote resource, remove the looper, etc.

import SwiftUI
import AVKit

struct VideoPlayer: View {
    @State private var player: AVQueuePlayer?
    @State private var playerLooper: AVPlayerLooper?
    
    public var resource: String
    public var ext: String

    var body: some View {
        VideoPlayer(player: player)
            .onAppear {
                    DispatchQueue.global(qos: .default).async {
                        let asset = AVURLAsset(url: Bundle.main.url(forResource: resource, withExtension: ext)!)
                        let item = AVPlayerItem(asset: asset)
                        self.player = AVQueuePlayer(playerItem: item)
                        self.playerLooper = AVPlayerLooper(player: player, templateItem: item)
                        player.play()
                    }
            }
    }
}