Sprinkle salt and pepper over both sides of each steak.
Heat a frying pan over high heat. Add oil. Place steaks in hot pan, and cook for 4 minutes on each side. Remove from pan and discard the oil.
Return the pan to the heat. Add the shallot and cook and stir till softened and golden brown, about 1 minute. Add red wine and stir up any browned bits stuck to the bottom of the pan. Reduce heat slightly, add balsamic and let the sauce reduce by about half.
Return the steaks to the pan for a few minutes, turning once. Remove steaks to two warmed plates, spoon sauce over each, and serve immediately.