Frankincense, referred to as olibanum, is a essential oil that provides a variety of benefits. This oil is used for both metal and physical ailments. Often used for aromatherapy, frankincense can help relieve stress and anxiety. It also helps to reduce pain and inflammation. Myrrh is an essential oil related to frankincense and contains many antioxidants. These antioxidants protect your skins cells from damage, giving your skin a healthier look.