Preheat the oven to 500 degrees F (260 degrees C).
Place prime rib in a roasting pan, fat-side up.
Blend olive oil, garlic, salt, pepper, thyme, and rosemary together in a food processor. Pour over the roast. Let sit at room temperature, about 15 minutes.
Bake in the preheated oven for 20 minutes. Reduce oven temperature to 325 degrees F (165 degrees C). Cook until medium-rare or an instant-read thermometer reads at least 145 degrees F (63 degrees C), 60 to 75 minutes more.