Heat 2 tablespoons of vegetable oil in a large skillet or wok over high heat until shimmering.
Add the minced garlic and sliced red chilies to the hot oil, sautéing for about 30 seconds or until fragrant.
Quickly add the sliced flank steak to the skillet, spreading it out in a single layer. Let it sear for 1-2 minutes without stirring, then stir-fry until just browned (2-3 minutes).
Remove the beef from the skillet and set aside. Add the remaining tablespoon of oil to the same skillet.
Toss in the sliced bell pepper and stir-fry for 1-2 minutes until slightly tender but still crisp.
Return the beef to the skillet. Pour in the soy sauce, oyster sauce, fish sauce, and brown sugar. Stir everything together, allowing the beef and vegetables to coat evenly in the sauce.
Add the fresh Thai basil leaves and toss them in until wilted, about 30 seconds.
Remove from heat and let the flavors meld for a minute or two.
Serve the Spicy Thai Basil Beef over a mound of jasmine rice. Garnish with lime wedges and extra basil leaves.
Notes
Adjust the number of chilies based on your spice preference.