Turn Instant Pot to Sauté mode on high. Add oil. When hot, pat beef dry with paper towels, season with salt and pepper, and sear in 2 batches until browned on all sides, about 3 minutes per batch. Transfer browned beef to a plate.
Add onion and cook for 2 minutes until softened, scraping up browned bits. Stir in garlic, carrot, and celery; cook 1 minute. Add tomato paste and cook, stirring, 1 minute until darkened.
Pour in beef broth and Worcestershire sauce, stirring well. Add thyme, bay leaves, and potatoes. Return beef and any juices to the pot. Press Cancel to stop Sauté.
Close lid, set valve to Sealing. Select Pressure Cook (Manual) on High for 25 minutes. Once done, allow a 10-minute natural pressure release, then carefully quick release any remaining pressure. Ensure beef reaches a safe internal temperature of 145°F (63°C); if not, cook under pressure for an additional 5 minutes.
Remove bay leaves. Stir in thawed peas until heated through. Taste and adjust seasoning with salt and pepper. Ladle into bowls, garnish with parsley, and serve immediately.