Combine the garlic powder, paprika, salt, black pepper and cayenne in a small bowl. Place the steak on a rack set over a baking sheet. Sprinkle the spice mixture evenly on both sides of the steak (use all of the spice mixture). Let the steak sit on the rack at room temperature for 30 minutes to 1 hour.
Preheat a grill to medium-high. Lightly brush with the oil.
Place the steak on the grill, then cook until dark marks form on the underside and the steak releases easily from the grill, about 6 minutes. Flip the steak and continue cooking until a thermometer inserted in the center (avoiding bone) registers 125 degrees F for medium-rare, 5 to 7 more minutes. Remove to a cutting board and let the steak rest for 10 minutes before slicing and serving.
Cook’s Note
To get crosshatch grill marks on your steak, rotate the steak about 45 degrees halfway through cooking on each side.
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