In The Elder Scrolls IV: Oblivion, horses serve as the primary mode of faster transportation across the vast world of Cyrodiil. Here's how horses work in the game:

• Speed and Travel : Horses significantly increase your travel speed compared to walking, allowing you to cover large distances quickly. They can also climb steep inclines that your character cannot, and if you mount a horse before initiating fast travel, it shortens the travel time

• Getting a Horse : You can acquire horses by purchasing them at stables located in various cities, stealing them, or earning special horses through quests. For example, Shadowmere is a unique, fast horse rewarded after completing a Dark Brotherhood quest, and the Unicorn is a special mount found in Harcane Grove but requires defeating guardians to access it

• Stealing Horses : To steal a horse without incurring a bounty, you must mount it without being seen, typically by sneaking. Horses themselves can witness theft and report it. If caught stealing a guild horse, you may be expelled from that guild

• Horse Abilities : Horses have a high speed multiplier (equivalent to a Speed stat of 70-100), making them much faster than the player on foot. They can jump (though poorly), swim slowly, and take damage from falls or attacks. Horses heal slowly over time or can be healed faster with Restore Health spells or at wayshrines. Wayshrine blessings can permanently boost a horse's speed by +110

• Combat and Limitations : You cannot fight while mounted; you must dismount to engage in combat. Some special horses like Shadowmere can assist in fights when you're not mounted and are nearly invincible

• Horse Management : Your last ridden horse becomes your "active" horse and will appear by your side when you fast travel. Other horses return to their original locations unless armored, in which case they stay put. Stolen horses become active but do not follow you during fast travel

• Additional Tips : You can avoid fall damage by timing a jump onto your horse just before hitting the ground. Horses do not require feeding or rest but can be attacked by enemies while unattended

In summary, horses in Oblivion are valuable for quick and versatile travel, with unique mechanics for acquisition, theft, and care, enhancing exploration and gameplay efficiency