In a small bowl, whisk together the cornstarch and cold water until smooth to make a slurry. Set aside.
Heat the olive oil in a medium saucepan over medium heat.
Add the minced shallot and garlic to the saucepan and sauté for 2-3 minutes until softened and fragrant, stirring frequently to avoid burning.
Pour in the low sodium chicken broth and stir to combine with the shallot and garlic.
Add the black pepper, dried thyme, and salt to the saucepan and stir well.
Bring the mixture to a gentle boil, then reduce the heat to medium-low.
Slowly whisk in the cornstarch slurry to the simmering broth, stirring constantly to prevent lumps.
Continue cooking and stirring for 3-5 minutes until the gravy thickens to your desired consistency.
Remove the saucepan from heat and let the gravy sit for 1-2 minutes before serving.