Heat the vegetable oil in a large pot over medium-high heat.
Add the beef cubes and sear them until browned on all sides, about 8-10 minutes.
In the same pot, add the chopped onion and sauté until translucent, about 5 minutes.
Add the minced garlic, carrots, and celery; sauté for an additional 3-4 minutes.
Return the seared beef to the pot and stir in the diced potatoes.
Pour in the red wine and scrape up any browned bits from the bottom of the pot.
Add the beef broth, thyme, bay leaves, salt, and pepper; bring to a simmer.
Cover the pot and reduce the heat to low, cooking for 2-3 hours until the beef is tender.
Once the beef is tender, taste the stew and adjust seasoning if necessary.
Serve hot, garnished with fresh herbs if desired.