in general contain a varnish component. The thinnest oil I've used, Minwax 209 clear, contains a varnish component.
But that varnish component is not as effective a sealer and surface hardener as quality spar or polyurethane varnish.
Others have pointed out that even thin oils like Minwax 209 leave only a very thin layer of penetration.
And I'll just say again that increasing moisture content will weaken wood somewhat. Epoxy and varnish minimize moisture infiltration. Oiling? I don't think so.
Touring Kayak Paddles
Paddler's Truck Rack
Canoe/Kayak Storage Racks
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