Chinese hot oil is a base for many Chinese recipes and actually tastes very good with fried rice.
Peanut or vegetable oil - 2 cups
Crushed dry red chilies - 1/4 cup
Sesame oil - 2 tsp
Salt : 1 tsp
Add the crushed red chilies and peanuts in a container where you are going to store this oil.
Heat the oil for 4-5 minutes on medium heat and pour it over the chilies mixture.
Let the oil cool completely before adding salt and sesame oil.
You can strain if you want.