It works, sort of, and I use this method although mostly for decorative purposes. I spray with a coat of automotive clear coat which holds up fairly well. It is my belief that the oxide layer isn't as thick as on a hot blued job and is more easily scratched. I have blackened forged iron work by heating in a forge until red and plunging into oil. The oxide layer that forms in that process is much thicker, like that on hot rolled steel. The oil seems to penetrate the oxide, making it rust resistant. I have forged iron artwork that has stayed rust free for several decades. However, if the intent is to expose it to the elements, just like hot rolled, it will eventually rust.