Sear beef roast in oil in Dutch oven over medium to low heat until brown; sprinkle with pepper. Add 3 1/4 cups water and the instant bouillon. Heat to boiling; reduce heat. Cover; simmer on top of range or cook in 325 degree oven until tender, about 3 hours.
Remove beef to warm platter. Skim off excess fat in pot and reserve 3 cups of broth/drippings in Dutch oven. Shake 3/4 cup cold water and the flour in tightly covered container. Add about 1/4 cup warm broth into container and shake again vigorously. Stir/whisk gradually into broth and heat to boiling, stirring constantly. Boil and stir 1 minute.
Serve gravy with beef.
*To serve au jus, do not thicken beef broth.