While statistics and opinions vary, oral sex CAN transmit some sexually transmitted diseases such as herpes, HIV, hepatitis B, gonorrhea, syphilis and/or genital warts.
It's considered somewhat risky, as STDs can spread from skin-to-skin contact, or if a person's infected bodily fluids (pre-cum, vaginal fluid, semen, blood) gets into the partner's bloodstream through cuts and/or sores in the mouth.