Take the 4 pound round roast out of the fridge at least 1 hour and no more than 2 hours before cooking.
Preheat the oven to 450°F.
Combine ¼ cup olive oil, 6 cloves chopped garlic, 1 tablespoon chopped basil, 1 tablespoon chopped rosemary, 1 teaspoon dried thyme, 1 teaspoon salt and 1 teaspoon pepper in a small bowl.
Cut evenly spaced slits into the roast with a sharp knife and insert the 4 cloves of garlic slivers.
Rub the herb mixture over the roast and place it in a roasting pan with a rack.
Roast uncovered for 15 minutes at 450°F, then reduce to 325°F and roast for another 1 hour 45 minutes for medium, or 2 hours for well done. Go by internal temperature rather than time: pull the roast at 130°F for medium rare, 140°F for medium, or 150°F for medium well.
Remove the roast, transfer it to a cutting board or platter, and rest it for 15 to 30 minutes before slicing. It will rise about 5°F as it rests.
While the roast rests, make the gravy. Strain the pan drippings into a saucepan and add 1 cup red wine, 1 cup beef broth, 1 sprig rosemary and 1 to 2 crushed garlic cloves. Simmer for 2 to 3 minutes. Whisk 1 tablespoon cornstarch with 2 teaspoons water into a smooth slurry, then whisk it into the gravy to thicken.
Slice the roast thinly against the grain and serve with the gravy.