Heat olive oil in a large heavy-bottomed pot or Dutch oven over medium-high heat.
Season beef cubes with salt and black pepper.
Add half of the beef to the pot and brown on all sides, about 5 minutes. Remove and set aside. Repeat with remaining beef.
Reduce heat to medium and add diced onion to the pot. Cook until softened, about 5 minutes.
Add minced garlic and cook for 1 minute until fragrant.
Sprinkle flour over the onions and garlic, stirring constantly for 2 minutes to cook the flour.
Slowly pour in beef broth and red wine while stirring to avoid lumps.
Add tomato paste, Worcestershire sauce, browned beef, carrots, potatoes, celery, thyme, rosemary, and bay leaves to the pot. Stir to combine.
Bring the stew to a boil, then reduce heat to low and cover with a lid.
Simmer gently for 1 hour 30 minutes, stirring occasionally, until beef and vegetables are tender.
Remove bay leaves. Stir in frozen peas and cook uncovered for an additional 5 minutes.
Taste and adjust seasoning with salt and pepper if needed.
Sprinkle chopped fresh parsley over the stew before serving.