Step 1

Season steak generously with salt and black pepper on both sides.

Step 2

Place wood chips in the smoker box of your gas grill according to manufacturer's instructions.

Step 3

Preheat one side of the grill to about 250 degrees F (121 degrees C).

Step 4

Place steak on the cool side of the grill. Cook until an instant-read thermometer inserted into the center reads about 100 degrees F (37 degrees C), 25 to 30 minutes. Transfer steak to a plate. Brush with olive oil and cover with aluminum foil.

Step 5

Increase heat on the grill to 600 degrees F (315 degrees C) by turning both burners up to maximum.

Step 6

Cook steak until crust forms and an instant-read thermometer inserted into the center reads 125 degrees F (52 degrees C), about 3 minutes per side. Transfer steak back to plate. Cover with aluminum foil and let rest before serving, about 5 minutes.