Let the roast come to room temperature for at least 1 hour.Preheat the oven to 450°F (230°C).Rub the roast with olive oil, then season generously with salt, black pepper, garlic powder, rosemary, and thyme.Place the roast bone-side down in a roasting pan.Roast at 450°F (230°C) for 20 minutes to create a golden crust.Reduce the oven to 325°F (165°C) and continue roasting until the desired internal temperature is reached:Rare: 120–125°FMedium-Rare: 130–135°FMedium: 140–145°FRemove from oven and let the roast rest for 20–30 minutes, lightly covered with foil.Carve between the bones and serve with your favorite sides.Optional: Make a quick pan gravy using the drippings, flour, and beef broth.