Oil of oregano is marketed as a natural broad-spectrum antibiotic and antiviral that can prevent or shorten a cold and other upper respiratory infections, and as a remedy that kills intestinal parasites and yeast overgrowth (Candida, Giardia, Blastocystis) when taken as drops or capsules.
No trial has tested oral oil-of-oregano capsules or drops — the form actually sold for this purpose — against a placebo for preventing or shortening the common cold in people; that trial does not exist in the literature located here. The parasite claim rests on a single small, uncontrolled, unblinded human trial from 2000 (n=14) in which oral emulsified oregano oil preceded clearance of several parasites on stool retesting, with no placebo arm to rule out spontaneous resolution, and it has never been repeated. A related nasal-spray formulation of oregano oil did outperform both a steroid spray and placebo in one small trial of chronic rhinosinusitis (a different, longer-lasting condition than a cold), and a network meta-analysis ranked oregano well for that condition, but its evidence still rests on that same single trial. A throat-spray blend containing a different oregano species (Origanum syriacum, not the Origanum vulgare in most oil-of-oregano products) mixed with four other oils gave short-lived relief of sore throat/cough severity that vanished by day 3. Laboratory and animal work is much more extensive: carvacrol and thymol, the oil's main components, kill or inhibit many bacteria, fungi and some viruses (including influenza) in dishes and in mice, and a different genus sometimes also called 'oregano' (Lippia berlandieri, 'Mexican oregano') kills the parasite Giardia in vitro — but none of this laboratory antimicrobial activity has been shown to occur, at an achievable dose, inside a person who swallows a capsule or drops.
The antimicrobial mechanism is real and well documented on the lab bench; the specific promise sold in a bottle — that swallowing oil-of-oregano capsules or drops will shorten a cold or clear a parasite — has essentially one small, uncontrolled 25-year-old trial behind the parasite claim and no human trial at all behind the cold claim.