Its not a relic, but still is attached to St Philmena’s intercession for us,
So yes like a relic, to have it blessed would put Jesus Own Blessing on the oil, through a priest.
And As Exorcists have said, yes, something blessed by a priest has extra grace from God. But anything Holy, even if it’s not blessed, is still special and despised by the evil spirits and they evil spirits are averted to anything Holy. Although if it’s blessed that is Jesus own blessing on it also (through the priest).
If possible ask a priest to bless it.
If not you can still use the oil and pray.
