Pat the beef cubes dry and season with salt and pepper. Heat olive oil in a large Dutch oven over medium-high heat. Add the beef in a single layer and sear until deeply browned on all sides. Work in batches if necessary. Remove the beef and set aside.

Reduce heat to medium. Add the onion, carrots, and celery to the pot and cook until softened, about 5-7 minutes. Add the garlic and cook for 1 minute more until fragrant. Stir in the tomato paste and cook for 1 minute.

Pour in the red wine, scraping up any browned bits from the bottom of the pot. Bring to a simmer and allow the wine to reduce by half. Return the beef to the pot. Add the beef broth, Worcestershire sauce, thyme, rosemary (if using), and bay leaves. Stir to combine.

Bring the stew to a gentle simmer. Reduce the heat to low, cover, and cook for 1.5 to 2 hours, stirring occasionally.

Add the potatoes to the pot and stir. Return to a simmer, cover, and continue to cook for another 45-60 minutes, or until the beef is fork-tender and the potatoes are cooked through.

Remove the bay leaves and rosemary sprig. Stir in the frozen peas and cook for 5 minutes. Taste and adjust seasoning with more salt and pepper if needed. Serve hot.