Heat 2 tablespoons of vegetable oil in a large Dutch oven over medium-high heat. Pat the beef chuck dry and season generously with salt and pepper. Brown the beef in batches for about 5 minutes on each side, ensuring a deep golden crust forms. Remove the browned beef and set it aside.

In the same pot, add a splash more oil if needed, then sauté the chopped onion over medium heat until translucent, about 5 minutes. Stir in minced garlic, cooking for an additional minute until fragrant.

Stir in the tomato paste and cook for 1 minute. If using red wine, gradually pour it in while scraping the bottom of the pot to deglaze. Let it simmer for 2-3 minutes.

Return the browned beef to the pot, along with any accumulated juices. Pour in the beef broth and add the herbs. Bring to a boil over high heat, then reduce to low and cover. Let simmer for 1.5 to 2 hours, until beef is tender.

After the beef has cooked, add the chopped carrots and potatoes. Stir to combine, cover again, and simmer for an additional 30-40 minutes, or until the vegetables are fork-tender.

In the last 5 minutes of cooking, gently stir in the frozen peas. Taste and adjust the seasoning if necessary. Remove bay leaves before serving.