Pat the beef dry with paper towels and season with salt and pepper.
Heat the olive oil in a large pot or Dutch oven over medium-high heat. Brown the beef on all sides in batches, then remove from the pot and set aside.
Add the chopped onion, carrots, and celery to the pot. Cook until softened, about 5-7 minutes.
Stir in the minced garlic, dried thyme, and dried rosemary and cook for 1 minute more until fragrant.
If using, add the red wine and scrape up any browned bits from the bottom of the pot. Let it simmer for a minute.
Return the browned beef to the pot. Add the beef broth, pearl barley, and bay leaf. Bring to a boil.
Reduce the heat to low, cover, and simmer for at least 1.5 to 2 hours, or until the beef is tender and the barley is cooked through. Stir occasionally.
Remove the bay leaf before serving. Season with additional salt and pepper to taste.
Ladle the soup into bowls and garnish with fresh chopped parsley.
Notes
This soup is even better the next day as the flavors meld together. Feel free to add other vegetables like potatoes or peas.