Preheat the oven to 450°F (232°C).
Pat the ribeye roast dry with paper towels. Rub olive oil evenly over the surface.
Mix salt, black pepper, garlic powder, onion powder, smoked paprika, rosemary, and thyme in a small bowl.
Rub the seasoning mixture all over the roast, ensuring an even coating.
Place the roast on a wire rack in a roasting pan, fat side up.
Roast at 450°F for 15 minutes to create a crust, then reduce the oven temperature to 325°F (163°C).
Continue roasting for about 1 hour 15 minutes or until the internal temperature reaches 130°F (54°C) for medium-rare.
Remove the roast from the oven and tent loosely with foil. Let it rest for 20 minutes before slicing.
Slice and serve with your favorite side dishes.