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We study the interaction between a pair of particles suspended in a uniform oscillatory flow. The time-averaged behaviour of particles under these conditions, which arises from an interplay of inertial and viscous forces, is explored through a theoretical framework relying on small oscillation amplitude. We approximate the oscillatory flow in terms of dual multipole expansions, with which we compute time-averaged interaction forces using the Lorentz reciprocal theorem. We then develop analytic approximations for the force in the limit where Stokes layers surrounding the particles do not overlap. Finally, we show how the same formalism can be generalised to the situation where the particles are free to oscillate and drift in response to the applied flow. The results are shown to be in agreement with existing numerical data for forces and particle velocities. The theory thus provides an efficient means to quantify nonlinear particle interactions in oscillatory flows.