Drain and thoroughly dry the maraschino cherries using a paper towel.
- Place the dried cherries on a parchment-lined baking sheet.
- In a bowl, mix the sweetened condensed milk and powdered sugar until a thick, smooth mixture forms.
- Wrap the sugar mixture around each cherry to form a ball. Chill in the refrigerator for 30 minutes to 1 hour.
- Melt the chocolate chips with oil using a double boiler or microwave, stirring until smooth.
- Dip each chilled cherry ball into the melted chocolate, ensuring full coverage. Let excess chocolate drip off.
- Place the coated cherries back on the parchment paper and refrigerate for 30 minutes to 1 hour to set.
- Serve and enjoy your homemade chocolate-covered cherries.