In a large pot or Dutch oven, heat the vegetable oil over medium-high heat. Add the beef cubes in batches, browning them on all sides. Remove the browned beef and set aside.
In the same pot, add the chopped onion and sauté until translucent, about 5 minutes. Add the minced garlic and cook for an additional minute.
Stir in the carrots and potatoes, cooking for another 3-4 minutes.
Return the browned beef to the pot. Add the beef broth, red wine (if using), tomato paste, thyme, rosemary, bay leaf, salt, and pepper. Stir to combine.
Bring the mixture to a boil, then reduce the heat to low. Cover and let it simmer for about 1.5 to 2 hours, or until the beef is tender.
If using, stir in the frozen peas during the last 5 minutes of cooking.
Remove the bay leaf before serving. Garnish with fresh parsley and serve hot with crusty bread or over rice.