Combine the oyster crackers, ranch seasoning, red pepper flakes and garlic powder in a large ziptop bag or large mixing bowl with lid. Close the bag or bowl and lightly and shake to distribute the seasonings. Open the bag or bowl and add the olive oil. Close the bag again and lightly shake to ensure all of the crackers are well coated with the olive oil and spice mix.
Allow the crackers to sit and marinate for about 30 minutes.
After 30 minutes, place the crackers on a rimmed baking sheet in a single layer. Bake for 20 minutes at 250°F, tossing halfway through. The crackers will turn a slight golden brown.
Allow the fire crackers to cool and store them in an airtight container.