Preheat your oven to 500°F.
Let the rib roast sit out until it reaches room temperature.
This usually takes about two hours.
Mix olive oil, paprika, garlic powder, cayenne pepper, onion powder, and thyme in a bowl.
Coat the roast with this mixture evenly.
Sprinkle salt and pepper on the outside.
Place the rib roast on a rack inside a roasting pan.
Ensure the fat side is facing up.
Cook in the preheated oven uncovered for about 5-6 minutes per pound.
After initial high-temperature cooking, turn off the oven.
Let the roast stay undisturbed in the oven for two hours.
This allows the meat to continue cooking in the residual heat.
Insert a meat thermometer to ensure it’s cooked to your desired doneness.
Let it rest for a few moments before slicing to serve.
Serve the prime rib hot.