Nothing tops low-temperature poaching with olive oil when it comes to baking steak to melt-in-your-mouth tenderness. Oil holds a consistent temperature better than water or air -- the cooking mediums used for braising and roasting -- and contributes a velvety mouthfeel you can't get from anything else. The best part about olive-oil poaching is once you heat the oil to the steak's target temperature, 130 degrees Fahrenheit for medium-rare, the steak won't cook past it, so you avoid overcooking. You need a Dutch oven's superior insulation and heat retention to oil poach steak successfully, though.
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Take the steak out of the refrigerator and let it come up to room temperature. It takes about 30 minutes per pound for a chilled steak to reach room temperature. Season the steak with kosher salt and freshly ground black pepper after it warms up.
Heat the oven to 325 F. Heat a few tablespoons of olive oil in a Dutch oven over medium heat and sear the steak until golden brown on both sides.
Pour enough olive oil in the Dutch oven to cover the steak and attach a deep-fry thermometer. Don't use expensive finishing olive oil; regular extra-virgin works fine. You can use a digital instant-read thermometer if you don't have a deep-fry thermometer.
Bring the olive oil to between 125 and 130 F if you want to cook the steak to medium-rare; 135 F for medium; and 155 F for well done. Cover the Dutch oven with its lid and place it in the oven.
Poach filets, ribeye, strip, flatiron and T-bone steaks for 45 minutes. Poach tough cuts, such as sirloin, top blade, flank, skirt and round, until they cut easily with a fork, about 1 1/2 to 2 hours.
Take the Dutch oven out of the conventional oven and transfer the steak to a plate lined with paper towels. Pat the steak with a paper towel to blot up excess oil and serve as soon as possible.