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"Spatter" is a good word for that,

"Spatter" is a good word for that.

Here's the definition I'm using from Webster's Third New International Dictionary, Unabridged:

To jet or spurt forth in scattered drops

This is one of the definitions for the intransitive sense of "spatter."

"Spatter" is a good word for that,

if you like to use incorrect words.

OED: Spatter. "cover with drops or spots of something"

The OP asks "the oil could be heated so much that the tiny drops of it may suddenly "fly" out of the pan onto your hand" which is spitting.

"Spatter" is a good word for that,

"Spatter" is a good word for that.

"Spatter" is a good word for that,

if you like to use incorrect words.

OED: Spatter. "cover with drops or spots of something"

The OP asks "the oil could be heated so much that the tiny drops of it may suddenly "fly" out of the pan onto your hand" which is spitting.