Yes, PHENOL is a Scrabble word!

Letter values in Scrabble US: P 3, H 4, E 1, N 1, O 1, L 1.

Is it a valid word?

PHENOL is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

any of a class of weakly acidic organic compounds; molecule contains one or more hydroxyl groups
a toxic white soluble crystalline acidic derivative of benzene; used in manufacturing and as a disinfectant and antiseptic; poisonous if taken internally

Also: carbolic acid, phenylic acid.

Not playable in Scrabble US: HYDROXYBENZENE, OXYBENZENE.