Line a sheet pan with foil and place a wire rack on top, set aside.
Adjust oven rack to the center position and preheat to 275ºF (135ºC). Place a large 12-inch cast iron skillet in the oven to warm.
Dry the steaks with a paper towel to remove excess surface moisture and transfer to the wire rack. Generously season the meat with salt and ground black pepper on both sides.
Place steaks in the oven and cook about 15 to 25 minutes, depending on the thickness.
Remove the steaks from the oven and set aside.
Remove the cast iron pan from the oven and transfer to the stovetop.
Heat pan over high heat and add the oil.
Once the oil is very hot and just beginning to smoke, carefully add the steaks to the pan.
Sear the first side until a deep brown crust is formed, about 2 minutes.
Carefully flip the steaks over and sear about 1 ½ to 2 minutes.
Use tongs to turn the steaks on their sides to cook and render remaining fat, about 2 minutes total.
Add one tablespoon of the butter to the pan, melt and use a spoon to briefly baste the tops of the steaks.
Transfer steaks to a clean plate and allow to rest at room temperature for 10 minutes.
For the red wine sauce, reserve 1 tablespoon of the steak drippings in the cast iron pan and heat over medium.
Once the drippings are warm add the garlic and shallots, saute and stir frequently until tender, about 1 minute.
Add red wine, balsamic vinegar, rosemary sprig and thyme sprigs, bring mixture to a rapid simmer over high heat.
Allow wine mixture to reduce until thickened, about ¼ a cup, 3 to 5 minutes.
Add in beef stock, and rapidly simmer over high heat until the sauce is reduced and thickened to about ½ cup, about 4 to 5 minutes.
Remove rosemary and thyme, discard.
Turn off heat and whisk in 1 tablespoon of butter.
Taste the red wine sauce and season with more salt and pepper as desired.
Garnish steaks with chopped thyme, rosemary, and parsley a few minutes before serving.
When steaks are in the oven, I recommend checking the temperature using an instant-read thermometer at 15 minutes, then every 5 minutes until target doneness is reached, 90 to 95ºF (32 to 35ºC) for medium-rare, or 100 to 105ºF (38 to 41ºC) for medium.
When steaks are searing, aim for an internal temperature of 120 to 125ºF (49 to 52ºC) for medium-rare, or 130 (50ºC) for medium.