Heat the oil alone, making sure not to heat the oil near smoking point or it will start to degrade the oil and you will have a mix of oil and carbon and other stuff in there that you don't want to inject. Smoking point of grapeseed oil is around 420 deg F. Also, a home oven is not the best thing to use for this, ovens will keep the temp around whatever you put it to but have a variation above and below the temp it is set at (shitty ovens maybe + or - 40 deg F.) A convection oven can keep it more consistent, but still not perfect (and you probably don't have one anyways,) an induction range is best but a hotplate will work since most probably don't even care what an induction range is. If using a hotplate, slowly nudge that temperature up, oil doesn't take as much heat as water to get really hot, keep a thermometer in there (candy thermometers will work best) and swirl around very frequently to keep the stuff at the bottom from getting too hot. For grapeseed oil, I probably wouldn't cook it above 350 in an oven or 375 on a hotplate (would allow for the variation in temp enough to keep away from the smokepoint yet still sterilize.) Please note that this did not include anything about the hormone, the hormone has not been involved to this point. So, you've sterilized your oil, keep it covered and do as follows.
Now, mix your BA, BB, and powder together in a separate container (the benzyl alcohol will kill most of the pathogens.) Mix your oil into this mixture (making sure that the oil is not above around 250 deg F.) Filter this mix (keeping it warm helps it filter quicker.) The caulk gun method keeping pressure on syringe filters is awesome, just make sure to keep some air in the syringe above the oil to create the pressure, no air in syringe = blown whatman. This is how I have done it for awhile, no abscesses, no problems, minimal pip, and good results. There are a lot of places for this info, but I think baking oils with powder in them is retarded, we just don't know to what extent the hormone degrades and at what temperature. Most of these hormones, we know melting point, and that's about it. No reason to sterilize hormones by baking them, the BA and .22 micron filters get everything out that we're concerned with.
Hope this helps, and I'm open to any constructive criticism