What does it mean to have the oil of grace in the parable of the ten virgins?

In the parable of the ten virgins, the oil signifies genuine grace and spiritual readiness. The five wise virgins, who brought extra oil, symbolize those who have true faith in Jesus Christ and the transformative power of His grace. This preparedness is essential for entering the kingdom of heaven. The foolish virgins, lacking oil, represent those who may have an outward appearance of faith but do not possess genuine saving grace. This distinction highlights the necessity of being intimately connected to Christ for salvation; thus, possessing the 'oil' of grace is crucial for standing before God when Christ returns.