Heat vegetable oil in a large frypan over medium-high heat. Place beef roast into the frypan and sear until browned on each side. Remove from heat and set aside.
Combine tomato sauce, cranberry sauce, horseradish, mustard, cider vinegar and red wine in a large pot or casserole dish and bring to a boil over medium-high heat. Place roast into the pot and cover. Reduce heat to low and simmer until beef is tender, 2 to 3 hours, basting and turning roast occasionally.
Place roast on a large platter. Cover the meat with two layers of aluminium foil and allow to rest in a warm area for 10 minutes. Meanwhile, increase heat to medium-high and allow the sauce to reduce to desired consistency. Slice the roast and serve with sauce.