Slice the flank steak thinly against the grain and set aside.
In a small bowl, combine soy sauce, oyster sauce, cornstarch, black pepper, and beef broth (or water) to create a marinade. Add the sliced steak and toss to coat, marinating for about 10 minutes.
Slice the bell peppers and onion, setting them aside.
Heat vegetable oil in a wok or large skillet over medium-high heat. Add the minced garlic and sauté for about 30 seconds until fragrant.
Add the marinated steak to the wok and stir-fry for about 3-4 minutes until nearly cooked through.
Add the sliced bell peppers and onions to the wok and stir-fry for another 3-4 minutes until the vegetables are tender-crisp and the beef is fully cooked.
Pour any remaining marinade over the steak and vegetables, stirring to coat evenly. Cook for an additional minute until the sauce thickens slightly.
Remove from heat and serve immediately over cooked rice, if desired.