Preheat the oven to 325°F (160°C). Pat the beef cubes dry with paper towels and season evenly with 2 teaspoons kosher salt and 1 teaspoon black pepper.

Place 2 tablespoons of vegetable oil in a large Dutch oven and heat over medium-high until shimmering. Working in batches to avoid crowding, add beef cubes and brown on all sides until deeply caramelized, about 3–4 minutes per side. Transfer seared beef to a plate and continue browning remaining batches, adding the remaining tablespoon of oil as needed.

Once all the beef is browned, reduce the heat to medium. Sprinkle the flour over the hot pan and stir, scraping up browned bits from the bottom; cook the flour for 1–2 minutes to remove raw flour flavor.

Return the seared beef and any accumulated juices to the pot. Add the chopped onion, pearl onions, and carrots. Stir briefly to coat the vegetables and meat in the roux.

Push the mixture to the side and add the butter and tomato paste to the cleared area. Cook the tomato paste for 1 minute, stirring, until it darkens slightly; then mix it through the meat and vegetables. Add the minced garlic and cook for 30 seconds until fragrant.

Deglaze the pot with the red wine if using, scraping the browned bits from the bottom with a wooden spoon. Allow the wine to reduce by about half, 2–3 minutes. If not using wine, add an equal amount of beef stock and scrape the pan.

Pour in the remaining beef stock so the liquid comes about three-quarters of the way up the solids. Add Worcestershire sauce, bay leaves, and thyme. If the liquid does not cover the contents as described, add water a little at a time until the level reaches about three-quarters up the meat. Bring the mixture to a gentle simmer on the stovetop.

Cover the Dutch oven with a lid and transfer it to the preheated oven. Braise until the beef is fork-tender and the vegetables are cooked through but not falling apart, about 2 to 2 1/2 hours. Check once at the hour mark to skim any excess fat and to ensure the liquid level is adequate; add a splash of water if necessary.

Remove the pot from the oven. Taste the broth and adjust seasoning with additional salt and black pepper to taste. If the stew needs thicker body, place the pot back on the stovetop over medium heat and simmer uncovered for 5–10 minutes until slightly reduced.

Stir in chopped fresh parsley and let the stew rest for 10 minutes before serving. Serve in bowls garnished with more parsley and with crusty bread or buttered noodles on the side.