Top 10 benefits of frankincense essential oil Frankincense is also known as olibanum which is made from the wax of the Boswellia tree. Frankincense essential oil has an irresistible woody, balsamic fragrance, a light yellow color and a thin consistency.Frankincense Oil price 350. DESCRIPTION Frankincense is also known as olibanum which is made from the wax of the Boswellia tree. ...