Heat olive oil in a large pot over medium-high heat.
Add the beef cubes, browning them on all sides.
Transfer the browned beef to a plate and set aside.
In the same pot, reduce heat to medium and add chopped onion, carrots, and celery.
Sauté until the vegetables are soft, about 5-7 minutes.
Stir in garlic and cook for another minute.
Pour in beef broth and canned tomatoes with their juice.
Return the beef to the pot and add barley, bay leaves, salt, and pepper.
Bring the mixture to a boil.
Reduce the heat to low.
Cover the pot and simmer for about 1.5 hours until the beef and barley are tender.
Stir occasionally to prevent sticking.
Remove bay leaves before serving.
Garnish with freshly chopped parsley.
Serve hot.