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I recently refinished my teak cooler step with a Minwax wipe on polyurethane with great results. Every time it was dry I lightly sanded and wiped on another coat. Not sure how many coats maybe 8-10 so it would be durable for stepping on it. Turned out fantastic in my humble opinion. I also found this finish to work great everywhere there is wood in the cabin - bulkheads, trim, table, etc.
Not sure what to say about the oil, kind of depends what you put on there. If it is teak oil that is an oil based finish already so I would not put anything over the top of that.
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