I use Ballistol. It is better than liquid paraffin which some people use. It adheres to the steel and doesn’t bead up like the paraffin. After each use, I rinse the blade without getting water at the pivot, dry it, strop 20-30 times on linen, then oil on the blade itself. If the scales are horn or bone or wood, I apply just a tiny bit of oil on them as well. Ballistol is safe good grade oil made from plant oils and such.
Before use I wipe the blade clean and carefully wash the remaining oil with a drop of soap and water and dry the blade before stropping. You don’t wanna get too much oil on your strops. It will change the draw and make it heavier, plus it collects dust particles etc. Hope this helps.