Preheat grill very hot.
1. Melt the butter in a large skillet over medium heat until it starts to foam. Add the shallots and reduce the heat to low. Cook, stirring occasionally, until the shallots are dark amber but not burned, about 30 minutes.
2. Add in sliced garlic and continue cooking for 4 minutes. Season with salt and pepper and add in herbs.
3. Coat the steaks with oil and season generously with salt and pepper. Sear, without moving, until a dark golden crust forms, about 4 to 5 minutes. Flip and cook to the desired temperature, about 4 to 5 minutes more for medium rare (125°F on an instant-read thermometer).
4. Let the steaks stand for 5 minutes before serving. (Bring the shallots to room temperature before serving.) Top with the caramelized shallots and garlic herb mixture.