Combine crust ingredients except olive oil in a food processor. With processor running, drizzle in oil until a thick past forms.
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Spread the paste over the roast’s entire surface, then gently pat paste into a uniformly thick layer.
Place prepared prime rib, bone-side down, on a wire rack in a roasting pan. Then transfer pan to preheated oven.
After 60 to 90 minutes, check roast temperature in its thickest part. The temp should be 135 degrees for rare and 150 degrees for medium rare. Remove from oven and place on a cutting board. (The roast’s internal temperature will rise 10 to 15 degrees as it rests.)
To make pan gravy, place the roasting pan on the stove. Cook the fat drippings, flour and beef broth, whisking continually until the mixture is bubbly and thickened.