Car Stat: 1987 260E automatic 2.6L M103

Recently the ignition key has become rather hard to turn from the OFF position to the ON position. I had to do something about it so I bought some penetrating oil (similar to WD40) in the aerosol can type and spray it into the key hold of the ignition lock. It didn't help much, instead it is completely locked now, I can't even turn the key from the OFF to ON position. Is this some kind of alarm system that just kicked in? Or is my key lock tumbler gone for good and need to be replaced. I am gonna wait several hours to see if it revert back to the OK state? Any idea what's going on?