Preheat the oven to 250 degrees F (120 degrees C).
Whisk together oil, butter, paprika, garlic powder, onion powder, red pepper flakes, and crab boil seasoning in a bowl.
Pour mixture into a 1-gallon resealable plastic bag and add saltines. Shake until saltines are completely coated. Evenly spread crackers onto a rimmed baking sheet.
Bake in the preheated oven for 30 minutes, stirring once midway through. Allow crackers to cool before serving.
