Melt butter in small saucepan over medium-high heat. Add shallots; cook and stir 1 to 2 minutes or until tender.
Add all remaining sauce ingredients. Bring to a boil. Boil uncovered over medium-high heat for 15 to 20 minutes or until sauce is reduced to about 3/4 cup, thickened and beige in color, stirring occasionally.
Brush both sides of steak with oil. Coat steak with peppercorns, pressing into steak. Place steak on broiler pan.
Broil 3 to 4 inches from heat for about 5 minutes or until steak is browned. Turn steak; broil 5 to 10 minutes or until of desired doneness. Serve sauce over steak.