Preheat oven to 325°F. Pat beef dry and season generously with salt and pepper.
Sear beef in olive oil over medium-high heat for 3 to 4 minutes per side until deeply browned. Remove and set aside.
Cook onion, carrots, and celery in the same pot for 4 to 5 minutes. Add garlic and cook 1 minute more.
Stir in tomato paste and cook for 2 minutes, then pour in red wine and simmer for 3 to 4 minutes.
Add beef broth, herbs, and bay leaf. Nestle beef back into the pot with liquid halfway up the sides.
Cover and braise in the oven for 2.5 to 3 hours until the beef is completely fork-tender.
Remove herbs and bay leaf. Thicken sauce on the stovetop if desired, then serve with mashed potatoes or crusty bread.