Sounds like a known issue with some 95's. I had one, main bearings let go at 59900kms, got lucky back then (1997) and Ford gave me a brand new long block.
This is the worst case scenario, if the main bearings are shot, but that's what mine did, anything above 3500rpm gave a loud knocking noise, then eventually the valves would start tapping as the lifters were restricted of oil pressure due to the failure in the bottom end.