Warm a large Dutch oven over high heat and add the olive oil along with the beef cubes. Cook the beef, stirring now and then, until all moisture evaporates and the meat starts to brown, about 10 minutes.
Lower the heat to medium and toss in the diced onion, carrots, and minced garlic. Sauté the veggies for roughly 5 minutes until they soften.
Stir in the tomato paste, then sprinkle the dried thyme, sea salt, and black pepper. Scrape any browned bits from the bottom of the pot to incorporate flavor.
Pour in the pearl barley and broth, then reduce the heat to medium-low. Cover the pot and let it simmer gently for about 1 hour and 30 minutes, until the beef becomes very tender.
If you prefer a thinner consistency, add more broth during cooking to adjust the texture to your liking.
Once done, check seasoning and adjust salt and pepper as needed before serving hot.
