Make sure your to leave plenty of time for the steak to marinate to develop the fullest flavor.
In a medium baking dish (or bowl), combine oil, garlic, and thyme. Add steaks, and turn to coat. Cover dish and refrigerate; let marinate, turning steaks occasionally, at least 1 hour and up to overnight.
Heat grill to medium-high; lightly oil grates. Remove steak from marinade, letting excess drip off (discard marinade); season with salt and pepper. Place steak on grill; cover. Cook, turning once, until meat is desired doneness, 12 to 16 minutes for medium-rare.
You can also try this recipe with different cuts of meat: strip, T-bone, porterhouse, or tenderloin.