I suspect water has got in there somehow which has caused the grain to raise. Likely causes are wet cups or glasses, or it could have been something like warm serving dishes of food. Additional coats of the finishing oil might have proved more resistant to water ingress.
I'm not familiar with Liberon's product, and the product description at their website is pretty opaque. All they say is the product is a blend of (unspecified) "high quality oils", and the MSDS lists a number of solvents. I can't advise you from personal experience how good this stuff is in the challenging situations Liberon discuss, e.g., kitchen worktops and tables, etc. All I can say is that I've never found an oil only wood finish that creates much of a barrier to water and other liquids, unless many coats are applied, i.e., 10, 15, or more, but Liberon's stuff may be fine with just two or three coats. Maybe other posters have used it and comment from their experience.
Anyway, I suggest you use some white spirit, a nylon scouring pad and paper towels or clean cloths to remove the wax, and leave the surface to dry throughly. Then, if the fuzziness is still there, rub down the whole surface gently with some fairly fine abrasive paper (220 - 320 grit) making sure you smooth the fuzzy bits, and apply at least two or three more coats of the oil. Slainte.
