Slow-Braised Red Chile Beef

to 5 cups reduced-sodium beef broth, divided

dried California or New Mexico chiles (about 3 oz.), stemmed, seeded, and rinsed

large onion, cut into chunks

large garlic cloves

ground cumin

dried oregano

boned, tied beef chuck roast (3 1/2 to 4 lbs.), rinsed and patted dry

Kosher salt

pepper

olive oil