Heat oil over medium heat, add mushrooms and season with a pinch of salt. Simmer mushrooms, stirring occasionally, until liquid is almost evaporated, about 15 minutes.
Add flour, continue cooking and stirring for about 3 – 5 minutes, at least until the flour has been absorbed and no longer white. Add 1 cup of broth, stirring/whisking briskly until incorporated and liquid has thickened, there should be no flour lumps, about 5 minutes.
Slowly pour in the remaining broth and mix thoroughly. Season with black pepper and thyme. Simmer at a gentle boil over medium-low until thickened, about 20 minutes, stirring often. Gravy will thicken upon standing. Taste for flavor, adding more salt and pepper as needed.
Makes about 4 cups.
Leftovers can be stored in the refrigerator for up to 5 – 6 days. To freeze, let the gravy cool and store it in an airtight container in the freezer for up to 2 months. Let thaw in the refrigerator and reheat in a saucepan, whisking to recombine.
