Preheat oven to 325°F (160°C). Pat roast dry and season with salt, pepper, garlic powder, and onion powder.
Sear roast on all sides in hot oil in a Dutch oven. Remove and set aside.
Add onions, garlic, and tomato paste. Sauté 2–3 minutes.
Deglaze pan with red wine, then add broth, Worcestershire sauce, herbs, and bay leaves.
Return roast to pot, add carrots and potatoes, cover, and bake for 3–3½ hours until tender.
Remove roast and vegetables. Thicken juices with flour or cornstarch slurry if desired.
Slice beef, pour gravy on top, and serve warm with vegetables.