Preheat oven to 450°.
Place roast on a rack coated with cooking spray; place rack in a roasting pan. Sprinkle roast evenly with pepper and 1 1/2 teaspoons salt; rub with mustard. Combine shallots and garlic in a mini food processor; pulse to coarsely chop. Add rosemary and thyme; process until finely chopped. Rub shallot mixture evenly over roast. Bake at 450° for 25 minutes.
Reduce heat to 350° (do not remove roast from oven). Bake roast at 350° for 1 hour and 20 minutes or until a thermometer registers 145° (medium-rare) or until desired degree of doneness. Let stand 10 minutes before slicing.
Combine beef broth and red wine in a small saucepan; bring to a boil. Cook until reduced to 2/3 cup (about 15 minutes). Remove from heat; stir in butter and remaining 1/2 teaspoon salt. Serve with the roast.