Zec 4:1    And the angel that talked with me came again, and waked me, as a man that is wakened out of his sleep,

Zec 4:2    And said unto me, What seest thou? And I said, I have looked, and behold a candlestick all of gold, with a bowl upon the top of it, and his seven lamps thereon, and seven pipes to the seven lamps, which are upon the top thereof:

Zec 4:3    And two olive trees by it, one upon the right side of the bowl, and the other upon the left side thereof.

Zec 4:4    So I answered and spake to the angel that talked with me, saying, What are these, my lord?

Zec 4:5    Then the angel that talked with me answered and said unto me, Knowest thou not what these be? And I said, No, my lord.

Zec 4:6    Then he answered and spake unto me, saying, This is the word of the LORD unto Zerubbabel, saying, Not by might, nor by power, but by my spirit, saith the LORD of hosts.

Zec 4:7    Who art thou, O great mountain? before Zerubbabel thou shalt become a plain: and he shall bring forth the headstone thereof with shoutings, crying, Grace, grace unto it.

Zec 4:8    Moreover the word of the LORD came unto me, saying,

Zec 4:9    The hands of Zerubbabel have laid the foundation of this house; his hands shall also finish it; and thou shalt know that the LORD of hosts hath sent me unto you.

Zec 4:10    For who hath despised the day of small things? for they shall rejoice, and shall see the plummet in the hand of Zerubbabel with those seven; they are the eyes of the LORD, which run to and fro through the whole earth.

Zec 4:11    Then answered I, and said unto him, What are these two olive trees upon the right side of the candlestick and upon the left side thereof?

Zec 4:12    And I answered again, and said unto him, What be these two olive branches which through the two golden pipes empty the golden oil out of themselves?

Zec 4:13    And he answered me and said, Knowest thou not what these be? And I said, No, my lord.

Zec 4:14    Then said he, These are the two anointed ones, that stand by the Lord of the whole earth.

John Gill writes..

Zechariah 4:14

Then said he, These are the two anointed ones,…. Or “sons of oil” (t). Some think the gifts and graces of the Spirit are meant, which come from the God of all grace, remain with Christ, are given freely by him to the sons of God, and are always for the service of the church, and sufficient for it; others, Christ the Son of God, and the Holy Spirit. Christ is the anointed One, or son of oil, being anointed with the Holy Ghost to the office of Prophet, Priest, and King; and with which oil he has supplied his candlestick, the church, in all ages. The Holy Spirit is the oil of gladness, and that anointing which teacheth all things. And this is the sense of Capellus, as has been observed on Zec 4:2. And the learned and judicious Pemble makes a “query” of it, whether Christ and the Comforter; or Christ in his two natures; or Christ in his two offices of King and Priest of his church; or how else the words are to be understood: and this was the sense of Origen long ago, though censured by Jerom; it may be the rather, because he interprets the candlestick of the Father. But these epithets, “anointed ones”, and “sons of oil”, are very suitable to them; the one being called the Messiah, or anointed; and the other the unction, and the oil of gladness: and indeed, if by the golden oil emptied out of them is meant the grace of God, as it frequently signifies in Scripture, no other can be meant; since they are the inexhaustible fountain of all grace and gifts to the church in all ages, whereby it is supplied and supported; and may be said to “stand before the Lord of the whole earth”, God the Father; who does not immediately by himself administer to the church, but by Christ the Head of it; and Christ communicates by his Spirit, whom he sends from himself, and from the Father: and the rather they may be thought to be meant, since the ministers of the word seem to be designed by the seven lamps which receive the oil, or gifts and graces of the Spirit, fitting them for their work, from the bowl on the top of the candlestick, which is supplied with it from these two olive trees; and therefore must be distinct from them, or otherwise they will be said to be supplied from themselves: though, whereas both Christ and the Spirit communicate by the word and the ordinances, administered by the faithful dispensers of the word; 

hence those witnesses of Christ, in all ages, may with propriety enough be called two anointed ones, and “the two olive trees”, as they are in Rev 11:4 where there is a plain allusion to this passage. 

Rev 11:3    And I will give power unto my two witnesses, and they shall prophesy a thousand two hundred and threescore days, clothed in sackcloth.

Rev 11:4    These are the two olive trees, and the two candlesticks standing before the God of the earth.

The Targum renders the words, “these are the two sons of princes”, or “great men”. Some Jewish writers interpret them of their two Messiahs, Messiah ben Joseph, and Messiah ben David (u). Some interpreters understand by them Enoch and Elias; others Peter and Paul; others, better, with Kimchi and Ben Melech, Joshua and Zerubbabel, the one anointed for the priesthood, and the other for the kingdom; of which two offices Jarchi interprets them; and others the two churches, Jewish and Christian.

That stand by the Lord of the whole earth; the Creator and Governor of the universe: ministers of the word are on his side, abide by his truths and ordinances, and are faithful to his cause and interest: or, “before the Lord of the whole earth” ; they are his ministers, and serve him; they “stand”, as it becomes them, which shows their work is not done; and that it is the Lord’s work they are engaged in; and that they continue and persevere in it: likewise it shows that they are under his eye, notice, dispose, care, and protection; that they are in his favour, and enjoy his presence. How this may be applied to the two divine Persons standing by or before God the Father has been before observed, and to be understood of them as in their office capacity.

(t) בני היצהר “filii olei”, V. L. Pagninus, Montanus, Munster, Tigurine version, Vatablus, Cocceius, Burkius. (u) Tzeror Hammor, fol. 114. 3. על אדון “super Dominum”, Montanus.