Crush the Oreo cookies into fine crumbs using a food processor or by placing them in a zip-top bag and using a rolling pin.

In a large mixing bowl, combine the crushed Oreo cookies and softened cream cheese until well blended.

Using your hands, roll the mixture into small balls, about 1 inch in diameter, and place them on a baking sheet lined with parchment paper.

Freeze the Oreo balls for about 30 minutes, or until firm.

While the balls are freezing, melt the white chocolate chips in a microwave-safe bowl, stirring every 30 seconds until smooth. Add the vegetable oil to thin it out if needed.

Dip each Oreo ball into the melted white chocolate, allowing any excess to drip off, and place them back on the parchment-lined baking sheet.

Immediately sprinkle red and blue sprinkles on top of the coated balls before the chocolate sets.

Refrigerate the Oreo balls for at least 15 minutes to let the chocolate harden before serving.