Preheat oven to 400°. Oven should be hot before proceeding with next steps.
Pat steaks dry with paper towels and season with salt and pepper.
Heat canola oil in cast iron skillet over high heat until almost smoking. Add steaks to skillet and cook until well browned on first side, 3-4 minutes. Flip and cook an additional 2 minutes on second side. Transfer to oven.
Cook until steaks are just medium rare, about 2-3 minutes. Transfer to plate and tent with foil. Move skillet to stove top.
Saute shallots over medium heat until soft and golden, 2-3 minutes. Add chicken broth, wine, and brown sugar. Raise heat to high and bring to boil. Cook at high heat until liquid is reduced by half, about 5 minutes.
Remove from heat and whisk in butter one tablespoon at a time. Whisk in thyme. Taste and adjust with additional salt and pepper as necessary.
Plate steaks and spoon sauce over top. Enjoy!