In a large dutch oven or heavy-bottomed pot over medium heat, heat oil. Add beef and cook until seared on all sides, 10 minutes, working in batches if necessary. Transfer beef to a plate.
In the same pot, cook onion, carrots, and celery until soft, 5 minutes. Season with salt and pepper. Add garlic and tomato paste and cook until garlic is fragrant and tomato paste has darkened, 2 minutes.
Add beef back to dutch oven then add broth, wine, Worcestershire sauce, thyme, and bay leaves.
Bring to a boil then reduce heat to a simmer. Season with salt and pepper. Cover and let simmer until beef is tender, 30 to 45 minutes.
Add potatoes and simmer, covered, until potatoes are tender, 15 minutes.
Remove bay leaves. Season stew to taste with salt and pepper