Most likely wiring inductance generating a spike when the circuit opens. If you have a few more fuses to burn, you might set trigger level below 0V, trig mode NORM or SINGLE, and time/div around a few microseconds. It's probably even taller than you can see here, it just didn't happen to sample the very peak. The spike will be more exaggerated in the voltage across the fuse or ignitor, whichever one causes the circuit to open.
Tim