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 beef and set aside.
In the same pot, add the chopped onion and sauté for about 5 minutes until softened. Add the minced garlic and cook for an additional minute.
Return the browned beef to the pot. Stir in the carrots, potatoes, beef broth, red wine (if using), tomato paste, thyme, rosemary, salt, and pepper. Add the bay leaves.
Bring the mixture to a boil, then reduce the heat to low. Cover and let it simmer for about 2 hours, stirring occasionally, until the beef is tender.
If using, add the frozen peas during the last 10 minutes of cooking. Remove the bay leaves before serving.
Garnish with fresh parsley and serve hot with crusty bread or over rice.