For bright steel, a good soak in phosphoric acid (available either at or through your hardware store) will leave a slightly dull, light gray finish that is reasonably rust resistant. It is a watered-down version of the familiar Parkerizing process.
I have applied this same process to rusted (i.e., browned) surfaces. I vigorously scrub the piece with steel wool soaked in phosphoric acid so as to remove as much rust as possible, wipe off the garf, wipe it down with acid, and let it set for a day before rinsing and oiling. This produces a noticeably darker finish that might be, by my casual estimation, more rust resistant than a simple acid treatment on bright steel.