If the wood is green, it can still split, even if it is oiled. Many local woodcarvers think wood is "dry" after a month or so.If you oil zericote (slang=ironwood) you will likely lose the beautiful grain which was the reason you bought it for. If you buy from a shop that is air-conditioned (much lower humidity), then the drying has already been done for you.
Canadians: Correct me if I am wrong, but I think would products have to be completely sealed to be allowed in Canada.