The bearing surfaces in an engine (ex: crankshaft main bearings) have very tight tolerances, usually in the 15-25 thousandths of an inch. The engines oil pump fills those tiny gaps with pressurized oil which allow the metal surfaces to spin thousands of times per minute without damage.

This is also why if you have any issue with oil pressure (ex: oil pump failure, cracked oil line) or oil starvation (ex: driving a regular car on a race track, cornering forces slosh oil away from the oil pickup in the sump) issues, you'll damage your engine nearly immediately.

That's the point of all uses of oil, other than rust prevention.