Heat the vegetable oil in a large pot over medium-high heat.
Add the cubed beef in batches, browning on all sides.
Once browned, remove the beef and set aside.
In the same pot, add the diced onion and cook until translucent.
Add the minced garlic and cook for an additional minute until fragrant.
Stir in the tomato paste, cooking for another minute to deepen the flavor.
Pour in the beef broth while scraping the bottom of the pot.
Return the browned beef to the pot along with carrots, potatoes, thyme, and bay leaf.
Bring the mixture to a gentle boil, then reduce heat to low and cover.
Simmer gently for about 2 to 2.5 hours, stirring occasionally.
After cooking, taste and season with salt and pepper to your liking.
Remove the bay leaf before serving and enjoy the stew warm.