Let the steaks come to room temperature, about 30 minutes.
Preheat oven to 450°F.
Sprinkle the salt and pepper all over the steaks. Wrap one bacon slice around each steak and secure with a toothpick.
Heat an oven-proof skillet over medium-high heat Add the butter and oil. Once the butter melts, add the steaks to the skillet and sear on both sides until browned, about 1 minute.
Place the skillet in the oven and cook until the steaks are medium rare, about 8 to 10 minutes or until internal temperature reaches 130°F. Remove the steaks from the skillet and let the steaks rest for 5 minutes before serving.
Notes
If using thick-cut bacon, par-cook the bacon in the skillet to sear and brown, about 2 minutes per side. Cool to touch and then wrap steaks. You still want the bacon pliable to wrap. Doing this gives the bacon a kickstart in the cooking process. If using regular thinner slices, you do not need to precook the bacon.
The steaks will continue to cook upon standing (will increase at least 5°). Using a temperature thermometer is ideal to ensure the desired doneness. The cook time for steaks will vary based on your oven and the thickness of the steak, so using a thermometer to check the internal temperature is the most accurate way to ensure perfectly cooked steaks.
For rare steaks, cook to 120°F. For medium steaks, cook to 140°F.
If you are worried about the toothpicks burning in the oven, you can soak them in water for 10 minutes beforehand.
Allowing the steaks to come to room temperature before cooking them will help them cook evenly.
I recommend patting dry the steaks with a paper towel before you season the steak. Doing so helps the seasoning stick better to the steak and helps you get a good sear on the steak. If there is too much moisture on the steaks, they steam instead of sear on the skillet.
While the filet mignons look irresistibly mouthwatering when they come out of the oven, make sure to rest them before cutting into them. The rest time yields juicy and tender steaks as it allows the juices within to redistribute so they don’t all run out of the steaks when you cut into them.
Avoid moving the steaks once you’ve added them to the skillet, other than to flip it once. If you move them around too much, you’ll prevent them from developing the best crust.