Heat the oil in a Dutch oven or ovenproof pot over medium-high heat. Add some of the beef to the pot and brown on all sides. Transfer to a plate. Repeat with the remaining beef. Spoon off and discard all but 1 tablespoon of the drippings.
Add the wine and cook, stirring and scraping the bottom, for 3 minutes. Return the beef to the pot along with the shallots and broth. Bring to a boil. Skim any foam. Add the thyme. Cover and transfer to oven until the beef is tender, about 2 hours.