Look through my reburb thread. I stopped using teak oil after years of doing it. I have redone all my teak on the boat with Rustoleum exterior spar varnish. Looks like glass and will be far less maintenance. has to be done properly and it takes time to do, but worth it imo.
If you go the teak oil route, just sand it down with 150 grit. Do not power wash it! It is a soft wood and power washing it can raise the grains and you will then have to sand it down anyway. A light sanding until you see the wood look new again, then apply teak brightener and then teak oil. When applying the teak oil, all coats should be left to soak for 24 hours before applying next coat etc. This allows the teak oil to really penetrate the wood and doesn't build up and yellow the surface as bad. Contrary to popular belief, teak oil is slick when wet, just like spar varnish.
Spar varnished