Take the Prime Rib out of the refrigerator and let it warm up for 45 minutes to 1 hour. Apply the oil or butter and rub the seasonings on the surface
Preheat the oven to 225 degrees F for a standard model and 200 degrees F for a convection oven. Set your rack in the bottom of your roasting pan. Place the Prime Rib on the rack, then add about 1 inch of beef broth or water to the roasting pan
Put the lid on the roasting pan and put it in the oven. Let the meat roast for approximately 3 to 4 hours. Check it around the 3 hours mark, using an instant-read probe thermometer. Aim for 110 degrees for rare, 120 degrees for medium rare, 125 degrees for medium, and no more than 130 degrees
Take the roasting pan out of the oven. Turn the oven up to 500 degrees F and let it reach that temperature, or heat 2 tablespoons of high-heat oil in a large cast iron pan. Sear the roast by placing it uncovered in the hot oven for around 10 minutes or by searing each side of the roast in the pan for 2 to 3 minutes per side
Let stand for at least 20 to 30 minutes under an aluminum foil tent to rest, then slice and serve