More specifically, here is Ultra-Pure comment on risk specific to valve oil:
Ultra-Pure Professional Valve Oil is made of synthetic oils and is considered to be safe for its intended use as a lubricant for brass instruments. It is colorless and has no noticeable odor. It is non-flammable, non-combustible, and safe to bring on airplanes with other liquids or to ship by airmail without restrictions. Ultra-Pure Oils products do not react with metals, do not cause corrosion and do not form sticky residues.
Ultra-Pure Professional Valve Oil is not intended for any other use and is not intended for extreme high temperature or other unusual environments. Keep it away from heat, sparks, and flame. It should not be ingested or inhaled deeply into the lungs, and it should not be left within reach of young children.
Skin Contact and Eye Contact:
Mild skin irritation and other discomfort may occur after contact if you have sensitive skin. Wash skin thoroughly with water and mild soap to remove the oil from skin. Avoid eye contact, and if exposed, rinse eyes immediately with plenty of clean running water thoroughly and seek medical help.
Ingestion, Inhalation, and Aspiration Hazard:
If the valve oil is accidentally ingested or inhaled, please DO NOT induce vomiting as it may cause the oil to enter into the lungs. If vomiting occurs, the head should be kept low so that vomit will not enter the lungs. Please seek medical help immediately. See additional cautions below.
Any light oil including valve oils, synthetic or petroleum-based, may be harmful or fatal if inhaled into the lungs as it can cause lung damage and can make it hard to breathe. All valve oil manufacturers are required to put these warnings on the bottles in the USA and in Europe.
Here is the direct link to this reference:
https://www.ultrapureoils.com/post/product-health-safety?srsltid=AfmBOoqMxhp2nnN7YWKnaMH2I-nI12m6oaau0V_rPuxu5NgEOnXJDJax