In a small bowl combine rosemary, thyme, garlic, salt and pepper; rub and press evenly on all sides of beef. Set aside.
Place a long sheet of plastic wrap on a work surface. Arrange bacon slices crosswise on plastic wrap, slightly overlapping each piece to form a rectangle. Place beef lengthwise on bacon slices. Bring bacon slices up around beef and secure ends with toothpicks. Wrap beef tightly in plastic wrap. Refrigerate 6 to 8 hours.
Preheat oven to 400F.
Remove beef from refrigerator, remove and discard plastic wrap. In a large roasting pan placed over two burners heat oil over medium heat. Place beef, seam-side down, in pan. Cook until bacon begins to brown, turning to brown on all sides.
Place roasting pan in oven. Roast beef, uncovered, 30 to 35 minutes (145F for medium-rare) or to desired doneness. Transfer beef, seam-side down, to a platter; remove toothpicks.