Wasabi oil is a highly flavored, pungent mixture of an oil base (typically canola, soy or olive oil) combined with wasabi horseradish extract, mustard seed extract, and sometimes sugar. The resulting flavor is a perfect balance of sweet and spice ideal for fish and seafood, marinades and dressings, or mix with soy sauce for delicious dipping. We use it in our horseradish cream sauce to add a little extra "bite". You can also add it wasabi mashed potatoes.
Look for wasabi oil in Asia markets. The best brands are imported from Japan and contain only oil and horseradish extract. If you can't find it locally you can purchase it online at Amazon.com: Shirakiku Wasabi Oil
If you don't have wasabi oil you can use one of these substitutes:
Soybean oil, coleseed oil, horseradish extract oil, mustard extract oil
Wasabi oil uses are limited only by your imagination. Here are a few suggestions: