If it’s already oxidized it’s not trying to steal any electrons - the oxygen already has. Case in point - CO2 is the most oxidized form of carbon and is very low energy and nonreactive.

It depends on the chemical. CO2 is not electrophilic, but something like an aldehyde, typically biochemically formed by oxidation, is electrophilic and reactive. The body biochemically oxidizes ethanol to acetaldehyde, whose reactivity gives it carcinogenic properties. Toxic aldehydes formed when fats degrade include acrolein and malondialdehyde: "Malondialdehyde results from lipid peroxidation of polyunsaturated fatty acids."

1. https://en.wikipedia.org/wiki/Acetaldehyde 2. https://en.wikipedia.org/wiki/Malondialdehyde

But that oxidation would occur anyway whether it's on a shelf over time or inside of our body... wouldn't it?

The high temperatures used to fry foods accelerates oxidation. Repeatedly using the same oil to fry foods at high temperatures (such as in factories and restaurants) leads to greater oxidation. Long shelf life food often has oil or was fried in oil that was heated to high temperatures. However, just leaving oil long enough exposed to air will also lead to oxidation, just at a slower rate (though I think highly refined oils, like those used not for cooking, have a slower or negligible oxidation rate "in air" but are usually not edible).