Pour cereal, pretzels, and raisins into a large bowl.
In a separate microwave-safe bowl, place almond bark squares and oil, microwave for 1 minute, stir and continue microwaving and stirring in 30-second intervals until melted and smooth.
Pour over the top of the cereal mixture and stir to coat.
Spread onto a cookie sheet, sprinkle M&M's over the top, and coat heavily in sprinkles.
Let dry and break apart.
Store in an airtight container for up to one week.