When the first /* is encountered, Oracle begins ignoring all subsequent text until it finds the first occurrence of */. Oracle doesn't "see" the second /* as it is within a comment, which Oracle is not syntax parsing. Once the first */ is encountered, Oracle resumes syntax checking. It runs across the second */ and given the parser is not tracking a currently open /*, it throws an error.

Their approach makes logical sense and it is what Oracle documented. You don't have to agree with it, but it's how the language works and so PSD would/should parse the data the same way and not treat the text starting with "Excepteur..." as a comment.