Line a baking sheet with parchment paper.

Lay 35 of the pretzels on the prepared baking sheet.

Add the peanut butter and powdered sugar to a small mixing bowl. Stir to combine until smooth.

Spread about 1 teaspoon of the peanut butter mixture on each pretzel. Freeze for 10 minutes.

Combine caramels and heavy cream. Microwave in 30-second intervals, stirring until melted and smooth. Cool slightly.

Remove pretzels from the freezer. Spoon ½ teaspoon caramel onto each pretzel, then top with remaining pretzels. Freeze for 10 minutes.

Melt chocolate chips and vegetable oil in the microwave, stirring every 30 seconds until smooth.

Dip each pretzel sandwich into melted chocolate, using a fork to coat evenly. Place on a prepared baking sheet and refrigerate until set.