Heat the olive oil in a large pot over medium-high heat. Add the beef in batches and sear until browned on all sides. Remove and set aside.
Return the beef to the pot. Add the beef broth, red wine (if using), tomato paste, carrots, potatoes, dried thyme, dried rosemary, and bay leaves.
Add the frozen peas and cook for an additional 10 minutes. Remove the bay leaves and adjust seasonings before serving.