Place white candy melts in a microwave-safe bowl. Microwave for 30 seconds, then stir. Continue to microwave in 30-second increments until smooth. Stir in 1/2 tsp of the oil.
Using 2 forks, dip a pretzel into melted candy. Tap against side of bowl to allow excess candy to drip off. Slide off fork onto a wire rack set over a rimmed baking sheet. Repeat with 5 more pretzels, then decorate as desired with nonpareils, sparkling sugar or drizzled candy melts. Repeat with remaining colors of candy melts, pretzels and decorations.