Set up a grill for 2-zone cooking, with one side hot and the other side not. On a charcoal grill, push the coals all to one side. On a gas grill, turn one burner on high and leave the others off.
Liberally sprinkle both sides of meat with salt and pepper. Place meat on the no-heat, indirect side. Close the lid. Check the internal meat temp every 5 minutes or so and flip it when it reaches about 95F. Continue cooking with lid closed.
When the meat hits 115F to 120F in the center, get the hot side as hot as you can. Take the meat off and add more lit coals if you need to. Or raise the coals closer to the cooking grate. Or fire up the sear burners. Now pat the exterior dry with paper towels (a dry surface sears better). Brush both sides with cooking oil to help with browning.
Place steak on the hottest part of the grill and leave the lid open. Cook 3 to 5 minutes checking frequently and moving it a bit to prevent grill marks from blackening (black is burned; you want a dark, even surface).
Remove the meat at about 130F and let rest at least 5 minutes before serving. Beef is at its most tender and juicy in the 130F to 140F range, medium rare.