Heat oven to 350° F (177°C).

Heat oil in a medium-sized skillet over medium heat. Add the chopped onions and cook for 2 minutes.

Add in the chopped garlic, dried thyme, salt, and pepper. Cook, stirring occasionally for an additional minute. Remove skillet from the heat and set aside.

Place the ground beef in a medium-sized bowl. Pour the seasoned vegetables over the meat. Add in the Worcestershire sauce, the egg and the breadcrumbs. Using a large spoon, mix the meat and all of the ingredients together until fully combined. Shape into an oval and transfer to a lightly greased small baking dish.

Bake for 30 minutes.

Remove the meatloaf from the oven and whisk together the ketchup and molasses in a small bowl. Spoon over the top of the meatloaf and bake for an additional 15 minutes.

After removing the meatloaf from the oven, cover with aluminum foil or a plate and let the meatloaf rest for at least 10 minutes before slicing.