Adjust oven rack to the lower-middle position and preheat oven to 325°F. Heat vegetable oil in a 16-by-12-inch roasting pan over medium heat (using two burners if necessary) until shimmering. Add onions and 1½ teaspoons of salt; cook until softened and lightly browned, about 8–10 minutes.

Stir in minced garlic, tomato paste, and thyme; cook until fragrant, about 30 seconds. Add flour and stir for 1 minute. Gradually whisk in wine, scraping up any browned bits, then whisk in broth and bay leaves. Bring the mixture to a simmer, then remove the pan from heat.

Sprinkle beef pieces with the remaining 1½ teaspoons of salt and pepper. Nestle the beef into the stew mixture in a single layer, ensuring pieces are three-quarters submerged but not fully. Transfer the pan to the oven and cook for 2 to 2½ hours.

Add potatoes and carrots to the pan, stirring to combine. Return to the oven and cook until the beef and vegetables are tender, about 2 more hours, stirring halfway through cooking.

Remove the pan from the oven and discard bay leaves. Stir in peas and let the stew sit until heated through, about 5 minutes. Adjust the consistency by adding more broth if needed. Stir in parsley and season with additional salt and pepper to taste. Serve hot.