Preheat oven to 500°F.
Rub roast with olive oil, then season with garlic powder, onion powder, salt, pepper, rosemary, and thyme.
Place roast in a roasting pan fitted with a rack, fat-side up.
Roast at 500°F for 15 minutes, then reduce heat to 275°F and cook for about 70-90 minutes, or until internal temp reaches 135°F for medium rare.
Remove from oven and tent with foil. Let rest for 15-20 minutes before slicing.
For gravy: Pour drippings into a saucepan, add beef broth, and bring to simmer. Mix cornstarch with a bit of cold water, whisk into gravy to thicken.