Pat the beef stew meat dry with a paper towel and season all sides evenly with the sea salt and black pepper.
Heat the extra virgin olive oil in a heavy-bottomed pot or Dutch oven over medium-high heat.
Add the beef to the pot and sear until a deep golden-brown crust forms on all sides, then remove the beef and set it aside.
In the same pot, add the diced onion, celery, carrots, and parsnips, sautéing for 5-7 minutes until the vegetables begin to soften and pick up the browned bits from the beef.
Stir in the minced garlic, tomato paste, and dried thyme, cooking for 60 seconds until the mixture is highly fragrant.
Pour in the beef bone broth and return the seared beef to the pot along with the bay leaf.
Bring the liquid to a gentle boil, then immediately reduce the heat to low, cover with a tight-fitting lid, and simmer for 60 minutes until the beef is fork-tender.
Remove the bay leaf before serving the stew hot in a deep bowl.