Sanding oily wood will quickly ruin your sand paper. However, whether it should be resanded depends on how much you care about the finish.
As a matter of practice, when I make "fine" wooden pieces, I purposely wet the wood after my first 220 sanding; after allowing it to dry, I sand off the fibers (or grain as you mentioned). And I sometimes repeat the wet, dry, and sand routine if I really need get rid of those fibers. I do this so that few fibers appear if the wood accidentally gets wet, or especially if I am planning to use a water based polyurethane to seal it.