There is a limit to oil carrying the concentration, that said I’ve done what you ask and yes it will just don’t over heat the product, may need to steep over hours on hot plate , low and slow.

Oil wont mix into water unless you have some.seruous tricks up your sleeve. As well as a high sheer ultrasonic emulsifier tool to make it happen. This quality tool is upwards of 1000.00

You'll end up with a severe seperation immediately. Oily puddle of extract floating on your tea.

Do an alcohol tincture extraction (using de'carb'd bud), then reduce the alcohol, effectively increasing the strength of the tincture, you can put that in anything you wish to unwind with...The alcohol with sufficient time should wring all the goodies out of the MJ and then reduce the alcohol by boiling it off. As mentioned by Jack og watch that you don't overheat...though alcohol boils at 180 degrees. P.S. no open flame, if you want to stay healthy and out of the hospital burn unit...