Heat peppercorns and 5 tablespoons oil in small saucepan over low heat until faint bubbles appear. Continue to cook at bare simmer, swirling pan occasionally, until pepper is fragrant, 7 to 10 minutes. Remove from heat and set aside to cool. When mixture is room temperature, add salt and stir to combine. Rub steaks with oil and pepper mixture, thoroughly coating top and bottom of each steak with peppercorns. Cover steaks with plastic wrap and press gently to make sure peppercorns adhere; let stand at room temperature for 1 hour.
Meanwhile, adjust oven rack to middle position, place rimmed baking sheet on oven rack, and heat oven to 450 degrees. Heat remaining 2 teaspoons oil in 12-inch heavy-bottomed skillet over medium-high heat until faint smoke appears. Place steaks in skillet and cook, without moving steaks, until dark brown crust has formed, 3 to 4 minutes. Using tongs, turn steaks and cook until well browned on second side, about 3 minutes. Remove pan from heat and transfer steaks to hot baking sheet. Roast 3 to 5 minutes for rare, 5 to 7 minutes for medium-rare to medium. Transfer steaks to wire cooling rack and let rest, loosely tented with foil, for 5 minutes before serving.
To crack peppercorns:.
Spread half of the peppercorns on a cutting board. Place a skillet on top. Pressing down firmly with both hands, use a rocking motion to crush the peppercorns beneath the "heel" of the skillet. Move the skillet back and forth, redistributing the peppercorns as needed. Repeat with the remaining peppercorns.