Heat olive oil in a large pot over medium-high heat. Sear the beef until browned on all sides (about 5-7 minutes). Remove from pot.

In the same pot, add onions, carrots, celery, and garlic. Sauté until soft (4-5 minutes).

Pour in beef broth while scraping up any browned bits from the bottom. Return seared beef to the pot along with barley and thyme.

Bring to a boil then reduce heat to low. Cover and let simmer for about 1 hour until barley is tender.

Season with salt and pepper before serving hot.