Because wood oil sinks into the grain, it won't ever peel or chip away. It does wear out eventually, but it's simple to restore. Just wipe off any existing wax with a solvent like mineral spirits ...

Or there's Watco Danish oil (Fig. 2). It has a little varnish in it, so you get the look of oil with the protection of a polyurethane. You can control the level of shine by adding more coats.

Here’s why: Oil-based primer, while it may penetrate the wood fibers better than latex, continues to harden over time. It eventually becomes inflexible and brittle.