In a large heavy pot or Dutch oven, heat the vegetable oil over medium-high heat.
Add the beef cubes in batches, searing them on all sides until browned (about 4-5 minutes). Remove the beef from the pot and set aside.
In the same pot, add the diced onion and cook for about 3 minutes until softened.
Stir in the minced garlic, cooking for an additional minute until fragrant.
Pour in the beef broth and add the seared beef back to the pot along with the tomato paste, thyme, rosemary, bay leaf, salt, and pepper.
Bring the stew to a simmer, then reduce the heat to low, cover, and let it cook for 1 hour.
After an hour, add the sliced carrots and cubed potatoes to the pot. Stir to combine.
Cover the pot again and let the stew simmer for another 30-40 minutes, until the vegetables are tender and the beef is fork-tender.
If you prefer a thicker stew, dissolve cornstarch in a little cold water and stir it into the stew, cooking for an additional 5 minutes until the stew has thickened.
Remove the bay leaf and adjust seasoning with salt and pepper to taste. Stir in the green peas and cook for an additional 5 minutes.
Ladle the stew into bowls, garnish with fresh parsley, and enjoy!
Notes
For a thicker stew, use cornstarch as a thickening agent.