In a large pot or Dutch oven, heat the vegetable oil over medium-high heat. Add the beef cubes in batches, browning them on all sides. Remove the browned beef and set aside.
In the same pot, add the chopped onion and sauté for about 3-4 minutes until translucent. Add the minced garlic and cook for an additional minute.
Return the browned beef to the pot. Stir in the beef broth, carrots, potatoes, celery, tomato paste, thyme, rosemary, bay leaf, salt, pepper, and Worcestershire sauce.
Bring the mixture to a boil, then reduce the heat to low. Cover and let it simmer for 1.5 to 2 hours, or until the beef is tender.
If using, add the frozen peas in the last 10 minutes of cooking. Adjust seasoning if necessary.
Remove the bay leaf before serving. Serve hot with crusty bread or over rice.