Be aware that any clear finish subjected to long periods of exposure to sunlight will require periodic scuff sanding and re-coating. The UV in sunlight attacks the finish causing it to become cloudy and then crack and peel. Further, avoid any big box "poly spar varnish" as the UV quickly causes urethane to deteriorate and is will crack and peel in very short order.
Go to a true marine supply store and look for a non-poly marine exterior varnish. Look for brands like Pettit, Interlux or, best of all, Epifanes.
On another point, there is no problem with using red oak. There is a problem with red oak if it is in contact with or exposed to water and not properly coated. That said, a better choice would be to use white oak. It it's good enough for wine and bourbon, it's good enough for a bench.