You'll need to have the followings :
obse_1_1.dll, obse_1_2.dll, obse_1_2_416.dll, obse_editor_1_0.dll, obse_editor_1_2.dll, and obse_loader.exe into your C:\Programs\Bethesda Softworks\Oblivion, and not only the launcher.
You can also make a short cut ( right click-send it to.....) from obse_loader.exe to your desire location, desktop, (for example), and run the game from it.