Cooking prime rib is typically done in the oven with the entire rib roast intact. A rib eye is an individual prime rib cut sliced off the bone before cooking, and is one of the most tender cuts of beef. To cook a rib eye individually, it's best to resort to popular methods of cooking steaks. Sear roasting requires minimal seasoning, and it takes little time to cook a rib eye to juicy, tender perfection.
Remove the steak from the refrigerator and let it stand until it reaches room temperature. Consider 70 degrees Fahrenheit to be room temperature if using a meat thermometer to track temperature.
Place a cast iron skillet into the oven and set it for 500 degrees Fahrenheit. Use a potholder to handle the skillet once it's hot.
Rub salt over the outside of the steak, if desired. Some chefs consider it wrong to use salt before cooking steaks since this draws the inner moisture to the surface and interferes with cooking. Rub olive oil over the entire prime rib cut to prepare it for searing. Pepper the outside to taste.
Turn a burner on high and let it reach temperature before pulling the skillet out of the oven. Remove the skillet with the oven at 500 degrees Fahrenheit, and put it on the hot burner. Place the steak into the hot, dry pan. Sear the rib eye in the pan for 30 seconds on each side.
Place the pan into the oven and cook the rib eye for two minutes on each side to get it medium-rare. Cook it in the oven for an additional minute on each side if you desire medium doneness. Serve the steak whole, or sliced.