Context

Matthew 25:1 begins, "At that time the kingdom will be...." The time being referred to is the Second Coming, which ushers in the millennial kingdom (contrary to post-millennialist theology). Before this event, Matthew 24 describes the destruction of the temple, signs, persecution, and the abomination of desolation. This is the tribulation period.

The Parable of the Ten Virgins

The marriage of the Lamb to the Church is pictured as a Jewish wedding. The man would agree with the woman's father on a price for her. He would then offer her a cup of wine, asking her to accept the "new covenant" with him. After this, the man would leave for some time to prepare a place in his father's house for his wife-to-be. This would take about a year, during which time the woman was to be busy learning to be a wife. Then as the bridegroom approached, the bride and bridesmaids would be warned so they could get ready. When the bridegroom arrived, he would take his new bride and the wedding party to the wedding feast.

When Christ returns, there will be a sign (24:30), just as the virgins received a sign of the bridegroom's coming (25:6). Soon after His return, the Millennial Kingdom begins, which is pictured as the wedding feast, or banquet. The parable of the ten virgins indicates that those who are ready will enter with Christ into the Kingdom, while those who are not ready will be excluded from the celebration.

Questions arise as to exactly who the virgins are, and what the lamps and oil have to do with the Second Coming. This is difficult to address because there is no way to reconcile every detail of the parable with a single fact of the reality which it describes. Even determining which details of the parable should be explained, and which should simply be accepted as "fluff" in the story, is a daunting task.

The Identity of the Virgins

There are several plausible explanations for the virgins. The virgins could be:

1. All the people living at the return of Christ
2. All who have heard the Gospel
3. Jews. Israel is often spoken of in terms of its relationship with God, whether it be loyal as a wife or whore itself out as a prostitute. On top of that, Jesus' earthly ministry was focused largely on the Jews.
4. Any one of a number of other possibilities

There doesn't seem to be any contextual indication as to who the virgins are. Actually, Jesus' conclusion is that we should "stay alert" (v13), and if this is the central message of the parable, then perhaps the identity of the virgins is not important.

The Oil and Lamps

The oil is generally the most scrutinized object in the parable. Unfortunately for us curious types, the oil and lamps may not even be important--they could simply be story "fluff" to further the plot, as the story needs to explain why some of the virgins were ready and some were not. As noted above, Jesus' conclusion is that we should "stay alert", and nothing about that message requires that the oil itself have any spiritual significance. Still, let's look at a few options, just for the heck of it.

1. The Holy Spirit - Perhaps the most common interpretation is that the oil represents the Holy Spirit. The problem is that the foolish virgins had some, but not enough. How does that apply to the Spirit? You either have the Spirit or you don't. How would it be possible to transfer or share the Spirit as the foolish virgins requested of the wise virgins. The Holy Spirit seems an unlikely referent.
2. The Gospel - This makes sense in that the foolish virgins did not have it, but it does not make sense that they would run out of it, or that the wise virgins would not share it with the foolish virgins. This is probably not the correct interpretation, either.
3. Faith - This makes sense in that not having faith would keep the virgins out of the kingdom, but it does not make sense that faith could run out as the oil did or be shared as the foolish virgins requested. You either have faith or you don't. Another unlikely candidate.
4. Oracles of God - In Romans 3:2, Paul says that the Jews were entrusted with the oracles of God. They were entrusted with revelation from God and given the responsibility of being the light of the world. The oil may be God's revelation. Those Jews who follow through with God's revelation will come to Christ, thus being allowed into the kingdom. Those who did not recognize Christ for who He is will not. However, this still does not explain why the wise virgins would not share with the foolish, or how the oil could somehow run out.

As mentioned before, it is not necessary that the oild represent something specific. Perhaps the best understanding of it is just to accept it as a plot device designed to keep the parable story moving forward.

Therefore stay alert, because you do not know the day or the hour.Matthew 25:13