Trim any excess fat from the beef tips. Season lightly with salt and generously with black pepper.

In a large Dutch oven or heavy-bottomed pot, heat 1 tablespoon olive oil over medium-high heat. Brown beef tips in batches to avoid crowding the pan. Once browned, transfer to a plate.

Lower heat to medium and add the remaining tablespoon of oil. Add the sliced onions and cook until soft and translucent, about 5–7 minutes.

Stir in beef broth or water, condensed French onion soup, onion soup mix packet, Worcestershire sauce, bay leaf, and the seared beef tips. Bring the mixture to a boil.

Once boiling, reduce heat to low, cover, and simmer for 1 1/2 to 2 hours, or until the beef is fork-tender.

In a small bowl, whisk together the cornstarch and cold water to make a slurry. Stir into the pot to thicken the gravy.

Simmer for an additional 2–3 minutes until the sauce thickens. Adjust salt and pepper to taste.

Serve hot over mashed potatoes, noodles, or rice. Enjoy!