it is hiding in the oil. it is still there.

in aqueous systems, it would be due to Iodine atoms being reduced to Iodide anions.

in oil, it may be due to Iodine adding across the double bond in the unsaturated side chains of the glyceryl esters. the product is iodinated oil, which is known in the art. one can search for "iodinated oil"

either way, a chemist would call it an electron transfer.