How did the shed blood of Christ change the situation of the Gentiles?
Because of Christ's shed blood, Gentiles who were once without Christ, without hope, and alien strangers to the commonwealth of Israel are now under a whole different set of circumstances in Christ Jesus. This change flows from the gospel of grace, where salvation is by grace through faith, not of yourselves.
Les explains that Ephesians 2 describes the Gentiles as being without Christ, without hope, and alien strangers to the commonwealth of Israel. But now, in Christ Jesus, because of His shed blood, they are under a whole different set of circumstances. Les ties this change to the gospel of grace, by which salvation is by grace through faith and not of yourselves. He also connects it to the dispensation of the grace of God given to Paul for the Gentiles, stressing that Paul was commissioned strictly for the needs of the Gentiles and that this was a whole new revelation, not merely an extension of what Peter preached.