Re-oiling every once in a while would probably be better. Over time the oil you apply at the beginning will tend to go a bit tired looking, and a light rub down (if needed) and a degrease with white spirits then a fresh application will brighten things up. Teak oil is perhaps best described as a form of varnish, albeit a not especially tough version, because it's primarily made up of white spirits, a drying oil such as boiled linseed oil or maybe tung oil, plus a resin or resins, and usually some minor components to top it all off.
So, although waxing from time to time is one option, I do really think a top up application of the oil does a better job. If wax is applied, but is found in the end to not really do the job, leading to a decision to apply further teak oil, then removing the wax is needed. Whilst this shouldn't be an insurmountable task, it's easier if it's not there in the first place. Slainte.
