1995 Jeep Cherokee Oil Light and Stall
With the steering wheel locking, was this a solid lock like when the car is turned off, or just really hard to turn? If it was locked like the car was off, I would suspect an ignition switch problem. Now if it was just really hard to turn the wheel, then it sounds like the Jeep stalled. When the engine stalls, you loose oil pressure giving you the oil light, and without the engine turning, you loose power steering.
If your jeep stalled, then I would swing by a local autoparts store and have the computer read. If it shows a code, then we can help from there. If no code, then how long has it been since you did a tune up? Water in the gas can cause a momentary stall. You might have got a hold of some bad gas.
NOTE: Always remember if you have a oil light on with your eninge running, turn it off right away, and fix the problem.
Also check down by your oil pressure sender.
If there is any kind of moisture or oil down there it could cause a short that would cause that.
Suggested Repair
If the steering locked solidly as if the ignition were off, suspect the ignition switch. If the wheel was only hard to turn, the stall likely caused the oil light and loss of power steering. Have the computer scanned for codes, consider a tune-up or bad fuel if no codes are stored, and inspect the oil pressure sender for oil or moisture that could cause a short. If the oil light comes on while the engine is running, shut it off immediately.
Conversation Summary
A 1995 Jeep Cherokee with 93,000 miles briefly showed the oil light, lost steering assist, and stalled after less than a mile, then restarted and later ran normally. Experts said a solid steering lock points to the ignition switch, while a hard-to-turn wheel is consistent with a stall causing low oil pressure and loss of power steering. They recommended a computer scan, checking recent tune-up history and possible bad fuel or water in the gas, and inspecting the oil pressure sender for moisture or oil that could short it.
