Abu Huraira, Allah’s bless his soul, narrated that Allah’s Messenger(pbuh) said:
“Use Olive oil as food and as ointment, for it comes from a blessed tree”
(Reported by Imam al-Tirmithi)
Allah the Most High, swears by the olive in Surah at-Teen (Chapter 95) indicating it's importance and virtue.
Hazrath Abu Hurairah narrated that the Prophet (pbuh) stated:
“ Eat the olive oil and apply it (locally), since there is cure for seventy diseases in it, one of them is Leprosy.”