Bloodfrozen, are you using Streamsight by chance? I saw this effect the other day after I started using Streamsight. May or may not be related, but thought I would mention it.
Active Mod Files:00 Oblivion.esm01 Cybiades.esm [Version 2.0]02 Windfall.esm03 You Are Here.esm04 All Natural Base.esm [Version 0.9.7]05 Francesco's Leveled Creatures-Items Mod.esm06 Francesco's Optional New Items Add-On.esm07 Cobl Main.esm [Version 1.72]08 Oscuro's_Oblivion_Overhaul.esm [Version 1.34]09 Mart's Monster Mod.esm [Version 3.7b3p3]0A TamrielTravellers.esm [Version 1.39c]0B FCOM_Convergence.esm [Version 0.9.9MB3]0C Armamentarium.esm [Version 1.3]0D Better Cities Resources.esm0E CM Partners.esm0F HorseCombatMaster.esm10 Unofficial Oblivion Patch.esp [Version 3.2.0]11 Oblivion Citadel Door Fix.esp12 DLCShiveringIsles.esp13 Unofficial Shivering Isles Patch.esp [Version 1.4.0]14 Better Cities .esp15 Oblivion.esp16 Francesco's Optional Chance of Stronger Bosses.esp17 Francesco's Optional Chance of Stronger Enemies.esp18 Francesco's Optional Chance of More Enemies.esp19 Francesco's Optional Leveled Quests-SI only.esp1A Francesco's Optional Leveled Guards.esp++ FCOM_Francescos.esp [Version 0.9.9]++ FCOM_FrancescosItemsAddOn.esp [Version 0.9.9]1B FCOM_FrancescosNamedBosses.esp [Version 0.9.9]1C Fran Armor Add-on.esp1D Fran_Lv30Item_Maltz.esp** Atmospheric Loading Screens - Random Quotes.esp1E Natural_Habitat_by_Max_Tael.esp1F All Natural - Real Lights.esp [Version 0.9.7]20 All Natural.esp [Version 0.9.7]21 All Natural - SI.esp [Version 0.9.7]++ All Natural - EW + NW + AWS.esp [Version 0.9.6]22 Enhanced Water v2.0 HD.esp23 AmbientTownSounds.esp24 WindowLightingSystem.esp25 AliveWaters.esp26 AliveWaters - Koi Addon.esp27 AliveWaters - Slaughterfish Addon.esp++ Item interchange - Extraction.esp [Version 0.76]28 Musical Immersion 1.0.esp29 RAEVWD Cities.esp [Version 1.4]2A RAEVWD Imperial City.esp [Version 1.4]2B Spell Delete And Item Remove.esp2C moDem's City Life - BP Compat.esp2D Map Marker Overhaul.esp [Version 2.3]2E Map Marker Overhaul - SI additions.esp [Version 1.0]2F DLCHorseArmor.esp30 DLCHorseArmor - Unofficial Patch.esp [Version 1.0.5]31 DLCOrrery.esp32 DLCOrrery - Unofficial Patch.esp [Version 1.0.3]33 DLCVileLair.esp34 DLCVileLair - Unofficial Patch.esp [Version 1.0.5]35 DLCMehrunesRazor.esp36 DLCMehrunesRazor - Unofficial Patch.esp [Version 1.0.4]37 DLCSpellTomes.esp38 DLCSpellTomes - Unofficial Patch.esp [Version 1.0.1]39 PersuasionOverhaul.esp [Version 1.4]3A DLCThievesDen.esp3B DLCThievesDen - Unofficial Patch.esp [Version 1.0.5]3C DLCThievesDen - Unofficial Patch - SSSB.esp [Version 1.0.4]3D Cobl Glue.esp [Version 1.72]3E Cobl Si.esp [Version 1.63]++ Cobl Tweaks.esp [Version 1.44]** OOO 1.32-Cobl.esp [Version 1.72]3F FCOM_Cobl.esp [Version 0.9.9]40 Bob's Armory Oblivion.esp41 FCOM_BobsArmory.esp [Version 0.9.9]42 Oblivion WarCry EV.esp43 FCOM_WarCry.esp [Version 0.9.9MB3]44 Oscuro's_Oblivion_Overhaul.esp [Version 1.34]++ ArmamentariumLLVendors.esp45 FCOM_Convergence.esp [Version 0.9.9Mb3]46 FCOM_RealSwords.esp [Version 0.9.9]47 FCOM_DurabilityAndDamage.esp [Version 0.9.9]++ FCOM_SpawnRatesSlightlyReduced.esp [Version 0.9.9MB3]48 Mart's Monster Mod - More Wilderness Life No Gates.esp [Version 3.7b3]49 Mart's Monster Mod - More Passive Wildlife.esp++ FCOM_SaferRoads.esp [Version 0.9.9]++ FCOM_LessReaversInGates.esp [Version 0.9.9]4A Mart's Monster Mod - Extra Wounding.esp [Version 3.7b3]4B Mart's Monster Mod - Looting NPCs & Creatures.esp [Version 3.7b3]4C Mart's Monster Mod - Less Reavers.esp [Version 3.7b3]4D Mart's Monster Mod - Dungeons of MMM.esp [Version 3.7b3]4E Mart's Monster Mod - Gems & Gem Dust.esp [Version 3.7b3]4F Mart's Monster Mod - Hunting & Crafting.esp [Version 3.7b3p3]50 Mart's Monster Mod - Farm Animals.esp51 Mart's Monster Mod - Diverse WaterLife.esp [Version 3.7b3p3]52 Mart's Monster Mod - Slof Horses Complete.esp [Version 3.7b3]53 TamrielTravellers4OOO.esp [Version 1.39c]54 TamrielTravellersItemsNPC.esp [Version 1.39c]++ FCOM_TamrielTravelers.esp [Version 0.9.9]++ FCOM_DiverseGuardUnity.esp [Version 0.9.9]++ FCOM_BobsGuardUnity.esp [Version 0.9.9]++ FCOM_Archery.esp [Version 0.9.9]55 FCOM_ArcheryArmamentarium.esp [Version 2]++ FCOM_FriendlierFactions.esp [Version 0.9.9]56 FCOM_MoreRandomSpawns.esp [Version 0.9.9]57 FCOM_MoreRandomItems.esp [Version 0.9.9]++ Mart's Monster Mod - Shivering Isles.esp++ ArmamentariumLL4OOO.esp [Version 2.0]++ PersuasionOverhaul_OOO.esp [Version 1.2]++ PersuasionOverhaul_MMM.esp [Version 1.2]58 Mage Equipment - OOO.esp59 Ivellon.esp [Version 1.8]5A HeartOftheDead.esp [Version 6.0.1]5B mrSiikas_DwemerTechnology_DwemerSubway.esp5C Quest For The Elements.esp5D Spirit's Edge.esp5E The Ayleid Steps.esp [Version 2.6.1]++ All Natural - Real Lights - The Ayleid Steps Patch.esp [Version 1.0]5F Torynwyll.esp60 Windfall.esp61 DLCBattlehornCastle.esp62 DLCBattlehornCastle - Unofficial Patch.esp [Version 1.0.4]63 DLCFrostcrag.esp64 DLCFrostcrag - Unofficial Patch.esp [Version 1.0.4]65 Knights.esp66 Knights - Unofficial Patch.esp [Version 1.0.9]67 Cybiades.esp [Version 2.1]68 CybiadesDungeon.esp69 TOTF.esp6A The Lost Spires.esp6B Blood&Mud.esp6C FCOM_Blood&Mud.esp [Version 0.9.9]6D FCOM_Knights.esp [Version 0.9.9Mb3]6E ElsweyrAnequina.esp6F xuldarkforest.esp [Version 1.0.3]70 LostSpires-DarkForest patch.esp71 xulStendarrValley.esp [Version 1.2.1]72 xulTheHeath.esp73 MMMMWL-TheHeath patch.esp74 XulEntiusGorge.esp75 xulFallenleafEverglade.esp76 LostSpires-Everglade patch.esp77 Anequina-Fallenleaf-Patch.esp78 xulChorrolHinterland.esp [Version 1.2.2]79 xulBeachesOfCyrodiilLostCoast.esp [Version 1.6.2]7A xulBravilBarrowfields.esp [Version 1.3.1]7B xulLushWoodlands.esp7C xulAncientYews.esp [Version 1.4.1]7D xulAncientRedwoods.esp7E xulCloudtopMountains.esp [Version 1.0.1]7F xulArriusCreek.esp [Version 1.1.2]80 xulPatch_AY_AC.esp [Version 1.1]81 HeartoftheDead-ArriusCreek patch.esp82 xulRollingHills_EV.esp83 MMMMWL-RollingHills patch.esp84 xulPantherRiver.esp85 xulRiverEthe.esp [Version 1.0.1]86 xulImperialIsle.esp [Version 1.6.3]87 xulBlackwoodForest.esp88 xulCheydinhalFalls.esp [Version 1.0]89 Blood&Mud-CheydinhalFalls patch.esp8A DungeonsOfIvellon-CheydinhalFalls patch.esp8B JQ-Fighters_Guild_United.esp++ FCOM_FighterGUnited.esp8C Natural_Vegetation_by_Max_Tael.esp8D Harvest [Flora].esp [Version 3.0.0]8E Harvest [Flora] - Shivering Isles.esp [Version 3.0.0]8F Harvest [Flora] - DLCVileLair.esp [Version 3.0.0]90 Harvest [Flora] - DLCFrostcrag.esp [Version 3.0.0]91 Kyoma's Journal Mod.esp [Version 3.2.0]92 Feudal Empire 300.esp93 RealisticForceMedium.esp94 RealisticMagicForceMedium.esp95 bgBalancingEVCore.esp [Version 10.5EV-D]96 bgMagicEV.esp [Version 1.68EV]97 SupremeMagicka.esp [Version 0.89]98 SM_ShiveringIsles.esp [Version 0.86]99 SM_DLCSpellTome.esp [Version 0.80]++ SM_OOO.esp [Version 0.89]++ SM_MMM.esp [Version 0.89]++ SM_COBL.esp [Version 0.86]9A SM_EnchantStaff.esp [Version 0.80]9B SM_Scrolls.esp [Version 0.84]9C SM_SigilStone.esp [Version 0.83]9D Poison Arrows.esp9E Syc_AtHomeAlchemy_No_Bounty_v2.esp9F RshAlchemy.espA0 StealthOverhaul.espA1 RenGuardOverhaul.espA2 RenGuardOverhaulShiveringIsles.espA3 Denock Arrows.espA4 Secrets of the Stones.espA5 Oblivion XP.esp [Version 4.1.5]A6 Let There Be Darkness - Knights.espA7 Let There Be Darkness - Cyrodiil + SI.espA8 Let There Be Darkness - Mehrunes Razor.esp++ Item interchange - Placement for FCOM.esp [Version 0.76]++ Mart's Monster Mod - Resized Races.esp [Version 3.7b1]A9 Cobl Races.esp [Version 1.52]** Cobl Races TNR.esp [Version 1.53]** Cobl Races TNR SI.esp [Version 1.53]++ bgMagicSpellTomes_for_WryeBash.esp [Version 1.68EV]** bgBalancingEVOptionalFCOMAdditions.esp [Version 10.]AA bgBalancingEVLAMEAddition.esp [Version 10.51EV-D]AB bgIntegrationEV.esp [Version 0.962]AC Better Cities - Full City Defences.espAD Better Cities Full - B&M Edition.espAE Better Cities Full - B&M Edition Patch.espAF Better Cities Full - B&M Edition FPS Patch.espB0 BCBravilB&M-Barrowfields patch.espB1 BCChorrol-ChorrolHinterland fix.espB2 Better Cities - Tears of the Fiend.espB3 BCCheydinhalFULLB&M-CheydinhalFalls patch.espB4 Better Cities - COBL.esp [Version 2]B5 SPAWN.esp [Version 0.2]** bgMagicEVShader.esp [Version 1.68EV]B6 bgMagicLightningbolt.esp** All Natural - Indoor Weather Filter For Mods.esp++ Marksman Velocity.esp++ CheyRecSoulFix.esp++ Drum_Fix.espB7 Viconia.esp++ Item interchange - Placement for Frostcrag.esp [Version 0.76]B8 Bashed Patch, 0.espB9 YetAnotherHotkeyMod.espBA DropLitTorchOBSE.esp [Version 2.1]BB BrighterTorches_v1.2.espBC Deadly Reflex 5 - Timed block and 150% damage.espBD DeadlyReflex 5 - Combat Moves.espBE SM_DeadlyReflex.esp [Version 0.86]BF AltEnchAndSpell.esp