Preheat the oven to 350°F (175°C). Line a 9x13-inch pan with foil or parchment and spray with nonstick spray so you can remove the slab easily.
Make the brownie base: In a bowl, stir together 1/2 cup vegetable oil, 1 cup granulated sugar and 2/3 cup cocoa powder until combined. Add 2 large eggs and mix until smooth.
Stir in 1 teaspoon vanilla, 1 tablespoon water, 1/4 teaspoon salt and 1/2 cup all-purpose flour until just combined. Pour batter into the prepared pan and spread evenly.
Bake 15–20 minutes, until set and a toothpick comes out with a few moist crumbs. Allow the brownies to cool completely in the pan.
Nougat layer: Place 1 1/2 cups chocolate chips in a microwave-safe bowl; heat 1 minute, stir, then heat in 30-second increments until melted and smooth. Stir in 7 ounces marshmallow fluff and 1 tablespoon milk until thick and combined.
Spread the marshmallow-chocolate mixture in a thin, even layer over the cooled brownies. Chill briefly while you prepare the caramel.
Caramel layer: Put 10 ounces unwrapped caramels in a microwave-safe bowl with 2–3 tablespoons milk (use 3 Tbsp for firmer caramels like Kraft, 2 Tbsp for softer Werthers as noted). Heat 1 minute, stir, then continue heating in 30-second bursts, stirring until smooth.
Spread the melted caramel evenly over the nougat layer and chill until the caramel is set.
Peanut layer: Sprinkle 1/2 cup chopped peanuts evenly over the caramel. Warm the 3/4 cup creamy peanut butter in short bursts (30–45 seconds) until smooth and spreadable, then spread over the peanuts. Chill while preparing the topping.
Topping: Combine the remaining 1 1/2 cups chocolate chips with 1 tablespoon vegetable oil in a microwave-safe bowl; heat 1 minute, stir, then heat in 30-second increments until smooth. Spread over the peanut butter layer and chill until set.
When fully chilled and set, lift the foil/parchment from the pan and cut into bars or squares using a single smooth slice per cut to avoid splintering the top.