Start by cracking your black peppercorns. You want them coarse, not powdered. Use a mortar and pestle or place them in a bag and crush them gently with a rolling pin. Set them aside.
In a medium saucepan over medium heat, melt the butter with the olive oil. Once melted and lightly bubbling, whisk in the flour. Cook this mixture for about one minute, stirring constantly. This step removes the raw flour taste and builds the base of the sauce.
Slowly pour in the beef broth while whisking. The mixture will thicken quickly, so keep whisking to avoid lumps. Once smooth, add the heavy cream and continue stirring.
Add the cracked peppercorns, garlic powder, onion powder, and a pinch of salt. Reduce the heat to low and let the sauce simmer gently for 5–7 minutes, stirring often, until thickened and creamy.
Taste and adjust seasoning if needed. The sauce should coat the back of a spoon and have a bold pepper flavor balanced by creaminess.
Serve warm over steak, chicken, or anything you love.