Heat 1 tbsp olive oil in a large Dutch oven over medium-high heat. Season the beef with 1 tsp salt and the pepper. Sear in batches until browned on all sides, adding more oil as needed. Transfer to a bowl and set aside.

Add remaining oil to the pot. Cook onion, carrots, and 1 tsp salt over medium heat until softened, about 7 minutes. Stir in the garlic and cook 1 minute more.

Pour in the red wine and scrape up the browned bits. Return the beef and any juices to the pot. Add the broth and thyme. Bring to a boil, then reduce heat to low, cover, and simmer for 1 hour.

Stir in the potatoes. Simmer uncovered for another 30–40 minutes, until the beef and potatoes are very tender.

In a separate saucepan, melt the butter over medium heat. Whisk in the flour and cook for 2–3 minutes, until golden and nutty-smelling. Ladle about 2 cups of broth from the stew (avoid scooping solids), and slowly whisk it into the roux. Simmer until smooth and thickened.

Pour the gravy mixture back into the Dutch oven and stir to combine. Add the peas, parsley, and remaining ½ tsp salt. Simmer for 5 more minutes, then taste and adjust seasoning if needed.