Place the rib eye on a work surface and let stand for 1 hour to come to room temperature.
Light a grill and set it up for direct and indirect grilling. Rub the rib eye with the olive oil and then place it on the indirect side of the grill. Cook the rib eye, flipping once, until an instant-read thermometer inserted into the middle of the steak reads 105°, about 25 minutes.
Transfer the steak to direct heat, and grill, flipping once, until the internal temperature reaches 128° (medium-rare), 4 to 6 minutes more. Transfer the steak to a cutting board and let stand for 10 minutes before carving. Sprinkle with sea salt before serving.