In a large pot over medium-high heat, add olive oil and allow it to shimmer. Add chunks of beef and sear until browned on all sides, about 5 minutes per batch. Remove and set aside.

Reduce heat to medium and add more olive oil if needed. Add onions, carrots, and celery, sautéing for about 5 minutes until softened.

Pour in beef broth and scrape the bottom of the pot to lift brown bits. Return beef to the pot along with any juices.

Stir in remaining broth, rinsed barley, bay leaves, and salt and pepper. Bring to a rolling boil.

Once boiling, reduce heat to low, cover, and simmer for about 1 hour. Stir occasionally.

Check to ensure beef is tender and barley is cooked. Remove bay leaves, adjust seasoning, and serve hot.