Turn the Instant Pot to Saute, then select More. Wait for the pot to heat up, then add the oil.
Add half of the stew meat to the pot and season with salt and pepper to taste. Cook for 3-4 minutes on each side or until browned.
Remove the meat from the pot. Repeat with remaining meat.
Place all the meat in the pot along with the onion, garlic, potatoes, carrots, beef broth, tomato paste, dried thyme leave, bay leaf, and salt and pepper to taste.
Stir to combine. Seal the Instant Pot and set it to Manual High Pressure for 30 minutes.
Carefully vent the pressure valve, or let the pressure release manually.
Remove 1/3 cup of stew liquid from the pot. Add the flour and whisk until smooth.
Pour the flour mixture back into the pot, and turn the pot back to the Saute function.
Add the peas to the pot. Simmer for 3-5 minutes or until stew has started to thicken.
Sprinkle with parsley, then serve.