95 Jeep oil light then 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.

Listen to the man he knows his stuff.
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.