Just because I know literally nothing about this stuff other than I like the finish it gives me, here's the "blurb" on the back of a can I have
"Danish Oil contains tung oil and other special ingredients which penetrate deep into all types of timber, drying to a hard, durable and water resistant seal. The oil primes, seals and finishes all woods, including oak, teak, mahogany, pine and all veneered surfaces. It does not leave a surface film to chip or scratch"
My experience with it is that if you apply enough coats you do end up with skin - but not a skin like varnish gives you. It's impossible to see or feel - if you were to run your fingernail over it all you would feel is wood grain - and leaves the wood looking deep and rich and full of colour but not "shiny" per se.
I use it on leather sword grips as well - works really well.