Preheat the oven to 325°F.
Season the brisket with salt and pepper.
Heat the olive oil in a Dutch oven over medium-high heat.
Add the brisket to the pot and sear on all sides until browned, about 5-7 minutes per side.
Remove the brisket from the pot and set aside.
Add the onions, carrots, celery, and garlic to the pot and cook until softened, about 5-7 minutes.
Add the beef broth, red wine, tomato paste, bay leaves, thyme, salt, and pepper to the pot and stir to combine.
Return the brisket to the pot and spoon the sauce over the top.
Cover the pot with a lid and transfer to the oven.
Bake for 3-4 hours or until the brisket is tender and falling apart.
Remove the pot from the oven and let the brisket rest for 15-20 minutes before slicing and serving.