"Scandinavian Teak" is usually not oiled, but has a flat sheen, low build lacquer. While you can apply an oil-only finish, it is one of the least protective finishes that you can apply. It has minimal resistance to moisture (it is actually hygroscopic) and over time will slough off and need refreshing. If you try to refresh too often, you can end up with a gummy film built on the surface.

But if that's what you want, you can apply boiled linseed oil. Don't fall into the tung oil cult.

Rather than repeat the litany, see the linked article.

Here is a link that might be useful: Oil Finishes

Thank you very much for the Oil Finishes link, very interesting information in it.
Now, If that was your dining set (it is a true Scandinavian Teak antique set)and you wanted to stain it what would you do to get a nice look. I'm wory to finish with a cheap made in China look, or to destroy it all, you know. Which kind of stain (water base or oil base?) urethane or varnish? Something easy to appply if possible and that will preserves a classy wood looking.

Thanks again

Assuming you don't have spray equipment and space, I suggest making a mix of 1/3 mineral spirits, 1/3 boiled linseed oil, and 1/3 satin non-poly varnish (e.g., Pratt & Lambert #38 or Cabot 8000-series). This is a DIY oil-varnish mix (a heavy bodied "Danish Oil.") Stir thoroughly, wipe on with a rag, wipe off the excess in a few minutes, before the finish starts to get tacky. Reapply in a couple of days. Don't try to build much of a film finish. You'll have to renew every few years. Clean, scuff-sand, and reapply a coat.

Here is a link that might be useful: Cabot 8002