Origanum vulgare ssp. hirtum essential oil (OEO) is a natural oil with high therapeutic potential. For some applications, however, the development of novel formulations is still needed to improve the bioavailability and stability of OEO. In this study, we describe the fabrication of an original nanocomposite hydroxypropyl cellulose (HPC) physical hydrogel, containing OEO-loaded polymeric micelles, for topical delivery. The concentration of the main active compounds of OEO—carvacol and thymol—was determined using gas chromatography (GC) analysis. OEO was first encapsulated into Pluronic F127 micelles, and then embedded into HPC gel. Micellar and gel formulations of pure polymers and OEO-containing systems were characterized by dynamic light scattering (DLS) and rheology measurements, respectively. Selected formulations were evaluated for cytotoxicity and antiproliferative activity. The hydrogel formulation of HPC with micellar OEO (8% HPC, 2% F127, 1% OEO) exhibited sustained release of the oil and selectivity towards SH-4 tumor cells (an in vitro model of melanoma).