There are two alternative ways to finish teak that is to be left exposed to weather, and both were used on high end yachts of old.
The most simple was to leave the wood "bare", although that is a misnoimer as it requires frequent washing and cleaning and rejuvination by adding oil finishes which may be called "teak oil" but the work teak refers to the wood being treated, not the contents of the oil. This was the preferred treatment for laid teak decks. Teak treated this way and ex[osed to weather tends to get to a whiteish grey and fairly grainy appearance over time, and the wood so finidshed was best quarter sawn so no face grain was showing.
A much more attractive finish is achieved with very high quality marine varnishes availkable widely at places like West Marine chain stores and local marine supply stores. This was used for deck "furniture"; coamings, hatches, winch bases, cap rails, toe rails, etc and could include face grain material. However do not undertake this finish lightly as it is expensive and time consuming. On a typical yacht, as many as seven coats were used for the original finish, starting with thinned material. In addition, is was customary to sand and recoat with two coats at midseason, and again before putting the vessel away in the fall. I happen to use just this material on indoor furniture tops that are likely to be treated "normally" such as dining room tables, coffee tables, etc.
A whole bunch of proprietary finishes have come and gone over the years which promised to do away with the hard work, but the best vessels still seem to stick to the traditional finishes.
Karl