In a large mixing bowl, combine the vegetable oil, ranch dressing mix, garlic powder, onion powder, dried dill, cayenne pepper, and black pepper. Whisk until well blended.
Add the oyster crackers to the bowl with the seasoning mix, and gently toss them to coat evenly.
Spread the seasoned oyster crackers in a single layer on a large baking sheet lined with parchment paper.
Bake in the preheated oven for 10-12 minutes, stirring halfway through, until they are golden and fragrant.
Remove from the oven and let them cool on the baking sheet for a few minutes before transferring to a serving bowl.