Let the butter warm to room temperature. Mix in the chili powder, herbs, and garlic. Place back in refrigerator and let set.
Season the chuck eye steaks liberally with salt and pepper. Place a heavy-bottomed pan on medium-high heat and pour in the vegetable oil. Add the steaks to the pan and cook each side for 5 minutes. Remove the meat and let rest for five minutes.
Place steaks on plate and top with 1-2 tbsp of chili-thyme butter.