Heat a large saucepan over medium heat. Add the olive oil and butter to the pan.
Once the butter has melted, add the sliced onions and stir, making sure that the onions are coated with the oil and butter.
Cover and reduce the heat to medium-low. Cook for about 10 minutes, stirring occasionally, until the onions are softened and some of the moisture has been released.
Add the Kosher salt, bay leaf, and thyme. Continue to cook uncovered for 15 – 20 minutes, stirring often. You want the onions to be caramelized so they are a nice brown color; be careful not to burn them.
Remove and discard the bay leaf and add the minced garlic, cooking for about 30 seconds.
Add the red wine and brandy to the onions, bring to a simmer, and cook for 2 – 3 minutes.
Stir in the flour and cook for 1 – 2 minutes.
Add the beef broth, Worcestershire sauce, and bullion cube. Stir, making sure that everything is well combined.
Bring to a boil and simmer gently with the lid off for 8 – 10 minutes, stirring occasionally.
Taste and adjust the with salt and pepper as needed.