In a large pot or Dutch oven, heat 1 tablespoon of olive oil over medium-high heat. Season the beef stew meat with salt and pepper, then sear the beef in batches for 3-4 minutes on each side until browned.

In the same pot, add the chopped onion, minced garlic, sliced carrots, cubed potatoes, and sliced celery. Cook for about 5 minutes until the onions become translucent.

Stir in the tomato paste, dried thyme, dried rosemary, and Worcestershire sauce. Return the browned beef to the pot along with the beef broth and water. Add the bay leaves and stir to combine.

Bring the stew to a boil, then reduce heat to low, cover, and simmer for 1 ½ hours until the beef is tender.

For a thicker stew, mix cornstarch with cold water and stir into the stew. Cook for an additional 5 minutes until thickened.

Remove bay leaves before serving. Serve hot, garnished with parsley, and enjoy with crusty bread or mashed potatoes.