Heat the olive oil in a large pot or Dutch oven over medium heat. Add the beef chuck cubes and brown them on all sides, about 5-7 minutes. Remove the beef and set aside.
In the same pot, add the diced onion, carrots, and celery. Sauté for about 5 minutes until the vegetables are soft.
Add the minced garlic and cook for an additional 1 minute until fragrant.
Return the browned beef to the pot and pour in the beef broth. Stir in the pearl barley, dried thyme, rosemary, bay leaf, salt, and pepper. Bring to a boil.
Once boiling, reduce the heat to low, cover the pot, and let it simmer for 1 hour. Stir occasionally to prevent sticking.
After 1 hour, check the beef for tenderness. If needed, cook for an additional 15-30 minutes until the beef is tender and the barley is cooked.
If using, stir in the frozen peas in the last 5 minutes of cooking.
Remove the bay leaf before serving. Garnish with fresh parsley if desired.