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Heat oven to 300 degrees.
Place beef cubes in large bowl. Sprinkle with salt and pepper; toss to coat.
Heat 2 tablespoons of the oil over medium-high heat in large nonreactive soup kettle; add beef to kettle in two separate batches.
Brown meat on all sides, about 5 minutes per batch, adding remaining tablespoon of oil if needed.
Remove meat and set aside.
Add onions to now empty kettle; sauté until almost softened, 4 to 5 minutes.
Reduce heat to medium and add garlic; continue to sauté about 30 seconds longer.
Stir in flour; cook until lightly colored, 1 to 2 minutes.
Add wine, scraping up any browned bits that may have stuck to kettle.
Add stock, bay leaves, and thyme; bring to simmer.
Add meat; return to simmer.
Cover and place in oven; simmer about 1 hour.
Remove kettle from oven, add potatoes and carrots, cover, and return to oven.
Simmer until meat is just tender, about 1 hour.
Remove stew from oven. (Can be cooled, covered, and refrigerated up to 3 days.)
Add peas and allow to stand 5 minutes.
Stir in parsley, adjust seasonings, and serve.