The code OXY in the bottom white quadrant of a label conforming to NFPA 704 indicates that?

The NFPA 704 label, including the “OXY” code, is an integral part of the Incident Command System (ICS) during emergency responses involving hazardous materials. In scenarios such as a chemical spill or a fire at a facility storing oxidizers, the ICS relies on the information provided by NFPA 704 labels to quickly assess the situation and make informed decisions. For instance, if a chemical with an “OXY” label is involved in a fire, the incident commander would understand the need for additional precautions due to the increased risk of explosion or rapid intensification of the fire.

Source: https://training.fema.gov/is/courseoverview.aspx?code=is-5.a&lang=en