In a large bowl, combine the flour, salt, and black pepper. Add the beef and toss until evenly coated.

Heat the vegetable oil in a large Dutch oven or heavy pot over medium-high heat. Brown the beef in batches on all sides, then transfer to a plate.

Reduce the heat to medium and add the onion. Cook for 4 to 5 minutes, stirring often, until softened. Add the garlic and cook for 30 seconds.

Stir in the tomato paste and cook for 1 minute. Pour in the beef broth and red wine, scraping up any browned bits from the bottom of the pot.

Return the beef to the pot and add the Worcestershire sauce, thyme, and bay leaves. Bring to a gentle simmer, then cover and cook on low heat for 1 hour and 15 minutes.

Add the carrots, potatoes, and celery. Cover and continue simmering for 45 to 60 minutes, or until the beef and vegetables are tender.

Stir in the frozen peas during the last 5 minutes of cooking. Remove the bay leaves and adjust seasoning with more salt and pepper if needed.

Ladle the stew into bowls and garnish with fresh parsley before serving.