The correct reagent to distinguish phenol from propanol is bromine water. Phenol (C₆H₅OH) reacts with bromine water (Br₂) to form a white precipitate of 2,4,6-tribromophenol. This is a characteristic reaction of phenols, due to their ability to undergo electrophilic substitution with bromine at the ortho and para positions of the benzene ring. On the other hand, propanol (C₃H₇OH) does not react with bromine water and hence, there is no reaction. This is the basis for distinguishing phenol from propanol.
Thus, the correct answer is option (4).