Heat the vegetable oil in a large Dutch oven over medium-high heat. Once hot, add the cubed beef in batches to avoid overcrowding. Brown the beef on all sides for about 5-7 minutes. This step is crucial as it develops flavor through the Maillard reaction.

Remove the browned beef from the pot and set aside on a plate.

In the same pot, add the diced onion and sauté for about 3-4 minutes until translucent. Stir frequently to prevent burning.

Add the minced garlic and sauté for an additional 1 minute until fragrant.

Add the sliced carrots and celery, cooking for another 5 minutes until they start to soften.

Return the browned beef to the pot. Add the cubed potatoes, beef broth, tomato paste, thyme, rosemary, and bay leaves. Stir to combine all ingredients well.

Season with salt and black pepper to taste.

Bring the mixture to a boil over high heat. Once boiling, reduce the heat to low and cover the pot.

Let the stew simmer for about 1.5 hours, stirring occasionally. This slow cooking allows the flavors to meld and the beef to become tender.

Check for seasoning and adjust salt and pepper as necessary before serving.