It looks like there were not enough grain boundaries to provide adequate tenacious strength of the metal under the right loading scenario. Just seems to me that the metal looks different between the outer (corroded) ring and the inner sheared area. Wouldnt know this without microscopy or preferably SEM.
Could have been because of a growing crack and resultant corrosion, could have been because of a bit of excessive porosity in that area, etc. This may have been from any variety of reasons, loading and unloading, etc.
A weakness like this will let go sooner or later. Nothing you can do about it. If it was corrosion facilitated, perhaps you can spray your replacement with some urethane or lacquer or something in the non-oiled areas, to make a more tortuous path, effectively limiting diffusion of oxidant.
JMH