Preheat your oven to 325°F (163°C).

In a small bowl, combine dark cherry preserves, beef broth, soy sauce, Worcestershire sauce, balsamic vinegar, Dijon mustard, and thyme. Mix well until smooth and set aside.

Season the prime rib roast generously with salt and pepper on all sides.

In a large oven-safe skillet, heat olive oil over medium-high heat. Add the prime rib roast and sear it on all sides until browned, about 4-5 minutes per side.

Remove the prime rib from the skillet and set aside. In the same skillet, add the scallions and char them for about 2-3 minutes until they are slightly softened and have some color.

Add the minced garlic and sliced cremini mushrooms to the skillet. Sauté until the mushrooms are browned, about 5 minutes.

Return the prime rib to the skillet, nestling it among the scallions and mushrooms. Pour the cherry glaze mixture over the roast.

Cover the skillet with a lid or aluminum foil and transfer it to the preheated oven. Braise the roast for about 2 to 2.5 hours, or until it reaches your desired level of doneness (medium-rare is about 130°F or 54°C).

Once cooked, remove the skillet from the oven and let the prime rib rest for at least 15 minutes before slicing.

To serve, slice the prime rib and drizzle with the rich cremini mushroom jus from the skillet. Garnish with additional fresh thyme if desired.