Add green peas, chickpeas, basil, garlic powder, nutritional yeast, and salt to food processor (everything but the oil and water), and process until everything breaks down. Scrape down the sides as needed to make sure everything is getting blended.
While the food processor is running, slowly drizzle in the olive oil, making sure the oil is getting on the hummus and not going straight to the bottom of the food processor. The hummus should get noticeably smoother. Keep processing and scraping down the sides until the texture really smooths out.
Finally drizzle in the ice water (just the water, not the ice) the same way as the oil. This helps to fluff up the hummus. Drizzle in more water to thin further.
Taste and adjust flavors.