Thanks for the warning!
I think my oil treatments would last longer if the tool was never exposed to drizzle, but I live in the coastal PNW. One year, maybe.
But it is easy to re-oil wood as long as I have an oily rag I don't mind getting somewhat dirty. I store some rags in plastic baggies so the oil and dirt stay inside the baggie.
I clean and dry the handle before re-oiling, but even so the mineral oil pulls dirt out of the grain in the wood.
Wax lasts longer than oil, but wood "feels better" with little or no wax. I think it "lasts longer" with wax. Usually I oil first so the more mobile oil soaks in as deeply as possible. I imagine that the wax dissolves a tiny bit in the oil, so that it (might) penetrate the surface better after I oiled it first.