Oil blackening is a traditional process. It's in all the old books – "heat to red or nearly so and chuck it in old, used oil, the older the better." Lots of fumes so do it outside. If the parts are small and there is plenty of oil it won't (usually) catch fire, but be prepared that it might.
But times change, engine oils and petrol now contain additives, who knows what the fumes may contain, we are more aware of the risks, best avoided.
Vegetable oil works okay and won't be as potentially toxic, and many of us still harden/ toughen tooling in oil, so use that, but still do it outside – and the fire hazard is still there unless the parts are very small.
As has been said, any heating process may cause distortion.
Chemical blackening works, some makes are more durable than others. Some will only work on mild steel and not stainless, so you may need to check the one you choose will work on cast iron.
Any of these processes, heat or chemical, needs very good cleaning/ degreasing etc to get an even finish.
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