Heat the vegetable oil in a large pot over medium-high heat.
Brown the beef cubes on all sides in batches, removing them once seared.
In the same pot, add chopped onions and cook until softened.
Stir in the minced garlic and cook for an additional minute.
Add the tomato paste, stirring to coat the mixture.
Return the browned beef to the pot along with carrots, potatoes, thyme, bay leaf, and Worcestershire sauce.
Pour in the beef broth and bring to a boil.
Reduce heat to low, cover, and simmer for 1.5 to 2 hours.
Adjust seasoning with salt and pepper before serving.