Is it possible for Ogallala Bay Rum to go bad?

Reason I ask is that I've had a bottle of Ogallala Bay Rum for probably 7 or 8 years now and used it quite a bit early on. Vowing to use up some after shave splashes that had seen little use of late, I gave the Ogallala a try the other day. I remembered that one has to really shake up the stuff but even after a vigorous shaking, I could see lumps of something still floating around in the mix. I went ahead and applied it. The scent seemed off from what I remembered it to be. The burn was all but gone, But it irritated the heck out of my face. Had an urge to scratch myself raw the rest of the day. No visible effects though, just an uncomfortable sensation.

I'm thinking that because of the natural ingredients used, perhaps with age, some have turned and that could be the problem.

Any thoughts from you splash masters?

Not a splash master, though could easily see this happening. You could pour it through a coffee filter the lumps out.

I've had the scent go away on a couple of splashes, though haven't ever used Ogallala.

I've had soap go sour and found it un-usable. I also have some soap that is 50-100 years old that still works and I've heard of scents that old still being good.