Heat vegetable oil in a large heavy-bottomed pot or Dutch oven over medium-high heat.
Add skillet beef stew meat in batches, avoiding overcrowding, and brown on all sides, about 5 minutes per batch. Remove browned meat and set aside.
In the same pot, add diced onion and cook until softened, about 5 minutes.
Add minced garlic and cook for 1 minute until fragrant.
Return the browned beef to the pot. Stir in tomato paste and cook for 2 minutes.
Pour in beef broth and dry red wine, scraping the bottom of the pot to release browned bits.
Add dried thyme, dried rosemary, bay leaves, salt, and black pepper. Stir to combine.
Bring the mixture to a boil, then reduce heat to low. Cover and simmer for 1 hour.
After 1 hour, add carrots, potatoes, and celery to the pot. Cover and continue simmering for 40 minutes, or until vegetables and beef are tender.
In a small bowl, whisk together all-purpose flour and cold water until smooth to make a slurry.
Stir the slurry into the stew and cook uncovered for 5-10 minutes until the stew thickens.
Add frozen peas and cook for an additional 5 minutes.
Remove bay leaves. Taste and adjust seasoning with salt and pepper as needed.
Serve hot, garnished with chopped fresh parsley.