Preheat oven to 400 degrees. On a large rimmed baking sheet, toss potatoes and shallots with oil; season with salt and pepper.
Push vegetables to edges of baking sheet; place roast in the center. Turn roast to coat with oil on pan, and season generously with salt and pepper.
Roast, tossing potatoes and shallots occasionally, until an instant-read thermometer inserted in center of meat registers 130 degrees.for medium-rare, 40 to 50 minutes. Let beef rest 10 minutes, loosely covered with aluminum foil, before slicing and serving with potatoes and shallots.