Preheat oven to 325℉ (160℃).
Pat the beef dry with a paper towel and season generously with salt and pepper. Then heat some olive oil over high heat in a large Dutch oven. Brown the meat batches and sear on all sides until golden brown, 2-3 minutes on each side.
Transfer the browned meat to a plate. Set aside. Leave the brown bits in the pot, and don't wipe it clean.
Reduce the heat to medium, add about 1 tablespoon olive oil, then add onions, celery, garlic, and thyme to the same Dutch oven and sauté for about 5 minutes, stirring occasionally.
Add tomato paste, Worcestershire sauce, and red wine. Stir using a wooden spoon, scraping the browned bits until reduced, 2-3 minutes.
Add flour and stir to coat. Add 4 cups of beef broth and stir until the flour is incorporated and the broth starts to thicken. Add the seared beef, cubed potatoes, carrots, and bay leaves. If it's too thick, add more broth to achieve the desired texture. Bring to a boil, then reduce heat to a simmer for 5-7 minutes. Adjust seasoning with salt and pepper if needed.
Cover with an oven-safe lid. Finish cooking in the oven at 325℉ (160℃) for about 90 minutes or until the meat is tender. Stir in the peas 10 minutes before the cooking time is up.
Remove bay leaves, ladle into soup bowls, and garnish with chopped parsley. Enjoy!