In a large pot or Dutch oven, heat 1 tablespoon of olive oil over medium-high heat. Season the cubed beef with salt and pepper, then brown in small batches. Once browned, remove the beef from the pot and set aside.
Reduce the heat to medium and add the remaining olive oil to the pot. Add the chopped onion and cook until softened, about 10 minutes.
Return the browned beef to the pot. Pour in the beef broth, condensed French onion soup, Worcestershire sauce, and add the bay leaf. Bring the mixture to a boil, then cover and simmer for 1 1/2 to 2 hours, or until the beef is fork-tender.
In a small bowl, mix the cornstarch with cold water until smooth. Gradually pour the cornstarch mixture into the pot, stirring constantly, until the gravy reaches the desired consistency.
Taste and season the beef and gravy with additional salt and pepper if needed. Discard the bay leaf before serving.
Serve the Beef Tips and Gravy over mashed potatoes, rice, or pasta noodles, and enjoy the hearty goodness!
