Step 1: Heat oil in a large stainless-steel skillet over medium-high heat. Season steak with salt and pepper and cook, turning occasionally, until deeply browned and an instant-read thermometer registers 130° (for medium-rare), 8–10 minutes. Transfer steak to a cutting board and let rest at least 10 minutes before slicing.
Step 2: Meanwhile, pour off any drippings left in skillet (but do not wipe out). Reduce heat to medium and cook shallot and mustard seeds in residual fat, stirring occasionally, until shallot is softened and mustard seeds are toasted, about 4 minutes. Add thyme sprigs, wine, lemon zest, and 1/2 cup water, using a wooden spoon to scrape up any browned bits. Cook, swirling pan occasionally, until liquid is reduced by about half, about 5 minutes. Add butter, swirling pan to melt; season pan sauce with salt and pepper.
Step 3: Thinly slice steak against the grain and serve with pan sauce for spooning over.
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