Heat the oven to 350°F and arrange a rack in the middle. Line a baking sheet with parchment paper.
In a large bowl, toss cashews with oil until well coated; set aside.
Combine brown sugar, water, and honey in a small saucepan, place over medium-high heat, and bring to a boil. Reduce heat to low and cook until mixture has thickened slightly, about 5 minutes. Drizzle over cashews and stir to coat.
Transfer nuts to the prepared baking sheet and spread in a single layer. Bake until golden brown, stirring every 10 minutes, for a total of about 20 to 25 minutes.
Sprinkle salt over nuts and stir to coat. Let cool completely on the baking sheet and break up any large pieces before serving.