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 400°F.
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 (145°F for medium-rare) or to desired doneness. Transfer beef, seam-side down, to a platter; remove toothpicks.