Heat a large, heavy skillet over medium-high heat and add the oil. Sprinkle ¼ teaspoon salt and black pepper evenly over each steak. Add steaks to pan and cook 4 minutes on each side or until desired doneness. Remove from pan, cover, and keep warm.

Melt butter in the same pan over medium heat. Add shallots and cook 2 minutes or until tender, stirring occasionally. Add water, Worcestershire sauce, lemon juice, and Sherry. Stir with a whisk. Reduce heat, and simmer for 1 minute. Season with salt. To serve, spoon sauce over steaks and sprinkle with parsley.