What Could Be The Bump On Penis?

About a week ago I noticed a bump on my penis and over the course of time it kept getting bigger, started hurting, and started to look red but after butting ointment on it it eventually it got smaller and started hurting less. However the bump started to look like it was drying up and then it burst and it almost looks like there is a little hole in my shaft, I put ointment on it and bandaged it but I'm kind of nervous as to what it might be.