The Parable of the Ten Virgins, found in Matthew 25:1-13, is often taken as a description of the Rapture. This is not the case and for two reasons. The first reason is that the Rapture was not revealed until the Apostle Paul in 1 Corinthians 15:51-54. Paul started off with "Behold I shew you a mystery..." which is Bible-speak for revealing something new. If this were a Rapture verse (as is often taught) and meant that only the good Christians will be raptured (which is often taught), then that would mean that during the Rapture, Jesus is only taking part of His body (Rom. 12:5,1 Cor. 12:27)!
The second reason is that Jesus is talking about the Kingdom of Heaven. The Kingdom of Heaven is the Millennial Kingdom of Jesus upon the Earth (see the Kingdom lesson). The KoH begins at the Second Coming of Christ (Rev. 19).
In order to understand all of the parables we have to remember the dispensation that they are in. This is still the Old Testament. Jesus had not yet died on the cross and His ministry was to the Jews. Jesus said in Matthew 15:24 that "I am not sent but unto the lost sheep of the house of Israel", and in Matthew 10:5-6, He told them "go not into the way of the Gentiles, and into any city of the Samaritans enter ye not: But go rather to the lost sheep of the house of Israel".
Also, this parable came right after the Parable of the Fig Tree (see lesson). Jesus had just finished telling His disciples about the season of His return.
It is also important to understand that the word parable comes from the Greek word "parabole". “Para” means “to come along side or compare” and “ballo" means “to throw” or “see” with. In English, we would call this an allegory.
Since this is an allegory, we need to look into the terms that Jesus used. Psalm 119:105 says that "Thy Word is a lamp unto my feet, and a light unto my path". Psalm 119:130 says that "the entrance of Thy Words giveth light; it giveth understanding unto the simple". The lamp is the Word of God that sheds light on salvation.
In order to understand what oil is, we need to follow a trail of breadcrumbs. Again, keeping in mind that this passage is still the Old Testament and Jesus was speaking to the Jews, these people knew that oil was used when anointing. Examples of this can be found in Exodus 29:7, Leviticus 8:12, 2 Samuel 14:2, Psalm 45:7, and many others. When a person was anointed, they were set apart for a specific purpose. Jesus said in Luke 4:18 that "the Spirit of the Lord is upon Me, because He hath anointed Me to preach the Gospel..." One chapter earlier in Luke 3:22, the Holy Spirit went into Jesus, but no oil was used! Ephesians 1:13 says that believers have the Holy Spirit and that we are set apart in Ephesians 2:10. Oil is the Holy Spirit. It is the Holy Spirit that reveals the Bible to us (Prov. 2:1-5, 1 Cor. 2:10-16, 2 Tim. 3:16, 1 John 2:20).
Notice that in verse 3 it says that the foolish took their lamps, but did not take any oil. Nowhere in this parable does it say that the foolish ran out of oil. Only when a person is saved through the Gospel (1 Cor. 15:1-4) do they receive the Holy Spirit. The five foolish virgins were not saved. We cannot lose our salvation (see lesson)!
Remember that Jesus said to the Pharisees, "and ye have not His Word abiding in you: for whom He hath sent, Him ye believe not. Search the Scriptures; for in them ye think ye have eternal life: and they are they which testify of Me". All of the virgins KNEW the Word of God, but only five BELIEVED the Word of God. How many people today know the Bible, but do not believe in Jesus as the only way to Heaven? How many people today go to church for tradition and call themselves Christians?
Christ died and rose again according to the Scriptures - not word of mouth. Yes, more than 500 people saw Christ return after the crucifixion (1 Cor. 15:6), but it was written in the Scriptures hundreds of years prior.
None of the virgins knew when the Messiah would return. While He was gone all ten of them slept (verse 5). When they all realized that Jesus was coming back, the foolish virgins panicked. The wise virgins weren't cruel for not sharing their oil, rather, no believer can share his or her salvation.
Because of our current dispensation, we have the complete Word of God. That means that we can understand this parable. When Christ returns at Armageddon, the only people that He allows into His Kingdom are those that are saved. Keeping it within context of the Jews, we must look to the Apostle Paul. "Esaias also crieth concerning Israel, though the number of the children of Israel be as the sand of the sea, a remnant shall be saved" (Rom. 9:27). God will physically protect all of Israel during the Tribulation period. Sadly, the Bible is clear that not all of the Jews will accept Jesus as their savior.
That is what this parable is about. Jesus was saying that there will be Jews during the time of Jacob's Trouble (Jer. 30:7) that accept Him and enter into His Kingdom when He arrives, and there will be some that won't.