Mineral oil is commonly used to coat/maintain butcher block cutting boards, and as a storage coating on high carbon knives. It is recognized as safe by the FDA when produced according to food safety guidelines and under quality control.
Food-grade mineral oil is highly refined and doesn't contain any of the carcinogenic aromatics. It could be considered a lower molecular weight petroleum jelly. It's also used as a laxative.
https://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfcfr/cfr...