Mine has an in-line lubricator, so it gets heavily oiled. When mine failed, it was a broken hose.
There's a short section of flexible hose connecting the inlet to the piston. The vinyl hose in mine was flexing severely with each stroke and eventually cracked. At that point it hissed and shook more slowly, but I ignored it until it stopped shaking entirely when a chunk of hose blew out.
My fix was to use a piece of hose cut out of a coil hose. Instead of using a short section that just bent in the middle, I put in a full loop circle of hose to spread the bending around, and it's been good ever since and no more hissing.