Prepare a bowl of ice water. In a small saucepan of boiling water, blanch the basil for 15 seconds. Drain and add the basil to the ice water; squeeze dry. In a blender, puree the basil with the olive oil. Scrape into a bowl, cover and refrigerate overnight. Bring the Basil Oil to room temperature and strain.
The Basil Oil can be refrigerated for up to 5 days.