I have loads of different specialist wood oils, but now I just use one combination for all my woodwork, food grade, bows, or tool handles. I use mineral oil with beeswax - I don't want a slippery axe handle so mine aren't polished as finely as many. I make up a number of mixes so some are oily others more like wax polish. If I really want it to penetrate deep (and it doesn't need to be food safe) I dilute with a little paraffin for the first couple of applications.
For example:
I concur, and have done likewise - it's super easy to make and I make a number of pots at the same time, as it's really cost effective for the volume you get. A little goes a long way.
This mix has so many other uses - it's a basic hand / nail / dry-skin 'cream', it nourishes wood and works as a simple wood finish, you can make a rudimentary candle if needed, and it's also the formula for my fire-lighting wax discs:
Dip cotton make-up pads into the liquid-state wax/oil whilst it's still hot. Set them aside on greaseproof paper to solidify and store a couple in a tin. The discs can be pulled apart to reveal the cotton fibres and roughly shredded into a waxy birds nest that takes no effort to ignite.