Preheat the oven to 450°F (232°C).
Pat the prime rib roast dry with paper towels. Place it in a roasting pan, bone side down.
In a small bowl, mix olive oil, minced garlic, rosemary, thyme, salt, black pepper, onion powder, and garlic powder to create a herb paste.
Rub the herb paste all over the prime rib, ensuring even coverage.
Insert a meat thermometer into the thickest part of the roast, making sure it does not touch the bone.
Roast the prime rib in the preheated oven for 30 minutes at 450°F (232°C) to create a crust.
After 30 minutes, reduce the oven temperature to 325°F (163°C) and continue to roast for about 1 hour and 45 minutes, or until the internal temperature reaches 130°F (54°C) for medium-rare.
During the last 30 minutes of cooking, pour the beef broth into the roasting pan to keep the meat moist.
Once done, remove the prime rib from the oven, cover it loosely with aluminum foil, and let it rest for at least 20 minutes before slicing.
Carve the prime rib into thick slices and serve with your choice of sides.