I reckon the same. An explosion would be very unlikely to set the oil on fire, IMHO. Just because it explodes, does not mean it gets very hot when it does it. Oil is not that easy to light, even when it is hot.
No reason not to treat it like it will though.
I guess its one of those things like cutting through an acetylene hose, you hear all the storys of the hose shooting a ten foot flame out, and flicking round like a demented snake, followed by a huge explosion as the acetylene bottle heads for the stars.
When it actually happens, you just turn the bottle off and stick the hose in a bucket of water.
I'm still having kittens at the thought of putting it in the processor though. I'm sure I will feel better once I have done it. (Tomorrow.........)