Heat olive oil in a large skillet or Dutch oven over medium-high heat. Season beef cubes well with salt and pepper and add to pan. Sear beef all over in oil until golden-brown.
Pour red wine into pan over beef, bring to a simmer, and use a wooden spoon to scrape up any browned bits. Transfer beef and red wine to a 4-quart slow cooker.
Add onion, carrots, baby potatoes, garlic, Worcestershire sauce, tomato paste, beef broth, bay leaf, and thyme to slow cooker and stir until combined.
Cover slow cooker and cook beef stew on high 3-4 hours or on low 6-7 hours until beef and vegetables are tender.
Remove bay leaf and thyme sprigs and discard. Scoop out 3/4 cup broth and whisk into flour in a small bowl until smooth. Fold back into stew along with peas until combined.
Season beef stew with salt and pepper to taste and serve warm. Enjoy!