In a large pot or Dutch oven, heat the olive 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 garlic. Sauté for about 3-4 minutes until the onion is translucent.
Add the carrots and potatoes to the pot, stirring to combine. Cook for another 5 minutes.
Return the browned beef to the pot. Stir in the beef broth, red wine (if using), tomato paste, thyme, rosemary, bay leaves, salt, and pepper. Bring to a boil.
Reduce the heat to low, cover, and let simmer for about 1.5 to 2 hours, or until the beef is tender. Stir occasionally.
If using, add the frozen peas during the last 10 minutes of cooking.
Remove bay leaves before serving. Garnish with fresh parsley and enjoy!