A high molecular weight ethyl cellulose (about 2% w/w but higher will make firmer gel with less oil syneresis) will turn to a gel with vegetable oil after heating to about 120 C. I am not sure if remelting gel can be obtained at a lower temperature you desire of 70 C, but it possibly may be obtained by instead of adding all ethyl cellulose, you add a mixture of ethyl and methyl cellulose (very small amount). You would have to run some experiments to find the sweet spot. Too much methyl cellulose and it may not dissolve in oil and you will see clumps.
Ethyl cellulose is currently not food-grade but is going through the process, but methyl cellulose can be obtained as food-grade (I am assuming you mean a vegetable oil and not petroleum oil since you mention flavor). I do not see why ethyl cellulose would not be approved since there are many chemically modified celluloses (carboxymeythyl cellulose, hydroxypropyl cellulose, methyl cellulose) that are all approved for use in foods as texture modifiers at their typically very low levels, as they are found to be a fiber and pass through the digestive tract without any human health issues.