Raw linseed oil also works.(raw, not boiled as boiled actually contains driers or hardeners)
You warm it up and it sprays like thinned paint but thickens as it cools.
It loves rust and will get soaked in just like a blotter soaks up ink.
(a couple of drops on a rusty steel flat will soon become a large stain)
LOL, the odor goes away after a while.
Aviation used linoil to coat insides of tubular airframe structures for years.
Once on a VW beetle (they were rust magnets) I coated the undersides of the fenders and joints as well as the rockers and that VW resisted rust for as long as I had it.
Made my own tractor cab and coated all the square tubing insides with linseed oil and to date not a sign of rust. (like 12 years or so)
Also painted (slopped) linseed oil under my fenders.
It has the properties needed. Adhesion, flexibility, water repulsion and longevity. (actually the basis for many 'oil based paints' and enamels.)
Many old time painters would add linseed to low quality paints in order to improve the durability and adhesion