Preheat a grill to medium-high and lightly oil the grates. Spread wings on a baking sheet and pat dry. Season with salt and pepper; set aside.
Combine oil, mustard, honey, ketchup, and molasses in a large bowl; remove half of the sauce to a small bowl.
Arrange wings on the grill and cook, covered, until marked, about 8 minutes, flipping once halfway through. Brush the wings all over with the sauce from the smaller bowl, then cover and cook, 2 minutes. Flip wings and cook, covered, 1 more minute, or until cooked through (165°F on a meat thermometer).
Transfer wings to the large bowl with the rest of the sauce, and toss to coat.