Heat oil in a deep fryer or large saucepan to 350 degrees F (175 degrees C).

Place flour in a bowl. Whisk milk and egg together in a separate bowl. Combine bread crumbs, salt, basil, parsley, garlic powder, and onion powder in a third bowl.

Gently dredge shrimp in flour to coat; shake off excess. Dip into egg mixture. Press into bread crumbs to coat. Gently toss shrimp between your hands to allow any crumbs that haven't stuck to fall away. Place breaded shrimp, unstacked, onto a plate. Repeat with remaining shrimp.

Lower shrimp carefully into the hot oil in batches. Fry until golden brown, 3 to 4 minutes. Transfer to a paper towel-lined platter to drain. Repeat with remaining shrimp.