Police were called to Carfax Tower on Thursday after fears about a man on the tower, Thames Valley Police have confirmed.
Police and ambulances were called at 4.29PM.
The street was cordoned off for around half an hour, but nobody was harmed in the incident. The individual involved left the tower around 5pm.
Eyewitnesses have alleged to Cherwell that a man was threatening to jump from the tower, but was dissuaded while at the scene.
The development comes two weeks after somebody died falling from the same tower. On May 13, police were called after a man fell from Carfax. He was taken to John Radcliffe Hospital, but later died from his injuries.
The tower stayed closed for the day as a mark of respect.
Before this month, the last person to die falling from the tower was 61-year-old Patricia Stoute, who died in June 2009.
Carfax is a major Oxford landmark, with around 40,000 tourists climbing the tower yearly.
