just got the anaphylaxis campaign newsletter and it reports a study where applying peanut protein extract to broken skin on mice interfered with the process whereby tolerance is induced when peanut is eaten. Quite a long way from that to saying that creams with oil in may cause allergy in some children but another reason to check skin creams carefully and avoid those with peanut oil.
Study reference is "Epicutaneous exposure to peanut protein prevents oral tolerance and enhances allergic sensitisation. J Strid, J Hourihane et al Clin Exp Allergy 2005; 35:757-766