SELECT ‘[’ FROM DUAL;
Everything after the open [ shows in red. I've found one exception; an open double quote, ".
SELECT ‘[asdf"asdf’ FROM DUAL;
everything after the open [ is red, but from (and including) the double quote, ", the rest of the file is shown in orange.
There may be other combinations where highlighting hierarchy is broken as well, but I haven't come across them. Looks like “closing” the brackets and/or double-quotes “resolves” it for the highlighter, further underlying a hierarchy issue:

I'm on 25.4.1 for the extension and VSCode:
Version: 1.109.3 (user setup)
Commit: b6a47e94e326b5c209d118cf0f994d6065585705
Date: 2026-02-12T17:54:48.470Z
Electron: 39.3.0
ElectronBuildId: 13168319
Chromium: 142.0.7444.265
Node.js: 22.21.1
V8: 14.2.231.22-electron.0
OS: Windows_NT x64 10.0.26200
Hope this helps!