Just an educated but WAG ~ the area of rust is likely the last place your hand touched the razor. Small droplets of moisture &/or acidic body chemistry at work.
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I've put Renaissance wax on all my blades. Not only will it protect the steel from the slings and arrows of outrageous fingerprints, it also makes the blade rinse much more easily.
I use Tuff-glide, after final polishing and before honing. I dry my blades well and leave open for a day after shaving, I avoid getting the tang and pivot wet. They are stropped well, day after shaving and closed. I store them in an environment which allows for air circulation, yet dry, with dessicant. In my experience, the Tuffglide puts a layer of protection on which is quite durable. It works for me!
No issues whatsoever for many years. JMHO
My vote goes to TuffGlide, RenWax, Camelia oil, mineral oil. As long as you use one of these treatments regularly, there should be no problem if your razors are stored in a dry atmosphere.
Common sense prevails again................
Jerry
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Might want to take a look at Ballistol. A German oil that is non-toxic and seems to work great.
Some 0000 steel wool would take that rust off with no problem, and it won't have any negative effects on the polished steel either.