I have to apply anti rust wax to a piece of steel in my bedroom. however, it says it contains vapors of petroleum distillates. would this be a hazard?

Can be: Avoid prolonged exposure to Hydrocarbons. The most dangerous hydrocarbons are derived from petroleum distillates. The toxic potential is related to the physical properties of the chemicals used. You need to research the viscosity and the volatility of the compounds. I would suit up head to toe and wear protective eyeware, respiratory device. Stay away for 48-72 hrs. Avoid lighting up too