What Bladesmth said. Also we need to remember that the liquid itself does not burn, it is the vaporized oil that ignites, and this requires a special blend of O2, fuel and heat in order to happen. So if you get your entire blade below the surface, it makes it very difficult for this to happen. Unfortunately edge quenching makes a flare up almost inevatable, and that is why I do not recommend using you finest quench oil for an edge quench, unless you clay it and go entirely under the surface. I have watched a beautiful batch of #50 go from crystal clear to a sludgy black mess in less than a day from a shop full of students edge quenching

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I have been putting 1500F blades into oil for many years now and in my shop I have NEVER had my #50 flash yet. Never is s very strong word, and I had to think about it, but I believe I am safe in saying that.
One also wouldn't think that overheating your blade would make that much of a differnece, after all at 1475F and above what difference does a few hundred degrees make when the flash point of an oil is around 400F, but it does make a difference. If the blade is at a proper heat the quench is actually a very peaceful thing, there is a soft little purr when the blade goes into the #50 and then you can watch the colors quickly fade under the surface as you move the blade and count off the time, and then it is all over. If you heat your blade too hot there is a growl when it hits the oil and there is fire and boiling! Things get very hectic for a minute or two and this is when some often panic and get burned quite badly.
If you get a flash, forget the blade, it will be safe sitting in the oil and it is the least of your worries. Don't throw anything on the oil to put out the fire, and NEVER try to move the quench container. Even a fire extiguisher could be disastrous by sraying flaming oil everywhere. Calmly put a cover on the quench container and remove O2 from the equation and the fire will go out every time. Take a few minutes before lifting the lid since you still have fuel and heat and reintroducing O2 will only allow it to take up where it left off. For those who didn't know, this post probably gave away that I fight fires when I am not forging blades.