It’s essentially oily and flowery (5)
I believe the answer is:
attar
'it's' is the definition.
I can't tell whether this defines the answer.
'essentially oily and flowery' is the wordplay.
'essentially' means to look at the middle letters.
'oily' becomes 'fatty' ('fatty' can be a synonym of 'oily').
'and' means one lot of letters go next to another.
'flowery' becomes 'ar' (I can't explain this - if you can you should believe this answer much more).
The middle letters of 'fatty' are 'att'.
'att'+'ar'='ATTAR'
Can you help me to learn more?
(Other definitions for attar that I've seen before include "Fragrant essence usually associated with the damask rose" , "Fragrant oil from flowers" , "Send out roses" , "Fragrant essential oil from damask roses" , "Essential oil from flowers" .)