In a microwave safe bowl, combine the oil and Nutella.
Microwave in 30 second intervals at 50% power, mixing in between, until fully combined. About a minute or a minute and a half.
Once cooled, drizzle over ice cream.
Store at room temperature.
Notes
This magic shell works best on ice cream right from the freezer. While it will solidify on the ice cream, it won't get quite the crunch that traditional magic shell does.