Tiger Balm Oil. Tiger Balms unique formulation of herbal ingredients provides fast, safe and effective relief from minor headaches, muscular tension, nasal congestion, backaches, arthritis and joint pains. Tiger Balm is a traditional analgesic ointment used as a multi-purpose topical treatment for minor aches. Tiger Balm contains a unique blend of the finest quality essential oils. The active ingredients include camphor, menthol, cajuput oil, mint oil and clove oil. Tiger Balm Red also contains cassia oil.