Preheat oven to 375 In pie pan toss shallots with oil to coat Season with salt and pepper Roast until shallots are golden brown and tender stirring occasionally about 30 minutes Boil broth and Port until reduced to 3 34 cups about 30 minutes Whisk in tomato paste Pat beef dry Sprinkle with salt pepper and dried thyme Saut bacon in large roasting pan until golden 4 minutes Transfer bacon bits with slotted spoon to paper towels Brown beef in same roasting pan on all sides Transfer pan to oven and roast until meat thermometer registers 125 for medium-rare about 45 minutes Transfer beef to platter Place roasting pan over high heat on stove top and add beef broth mixture bring to a boil scraping up any browned bits Mix 3 tablespoons butter and flour in small bowl to form paste Whisk into broth let simmer and thicken Whisk in 3 tablespoons butter Add roasted shallots and bacon if desired