An outstanding strike from substitute Jack Price saw Shrewsbury pick up a deserved point against Oxford.
In what was a compelling contest at the Croud Meadow, both teams created numerous chances to add to their goal tally.
For Town, Aiden O'Brien and Chey Dunkley twice went close while Carl Winchester saw a fizzing strike from 20 yards well saved by Jamie Cumming.
For Oxford, Mark Harris went through one-on-one only to be denied by Marko Marosi.
It was the visitors who went on to open the scoring when Billy Bodin fired in shortly past the hour mark.
But Town went on to level thanks to a fantastic volley from Price.
And that was no more than they deserved in what was a thrilling game that saw Town have 15 shots on goal and Oxford 20.
Team news:
Boss Paul Hurst made one enforced change from the team that secured victory over Carlise - with Tom Bayliss missing out due to illness.
His absence saw Jack Hinchy return to the starting XI with Taylor Perry moving into the number 10 role in a 4-2-3-1 system.
Hinchy lined up alongside Winchester in the midfield two with Tom Bloxham on the right flank and O'Brien on the left. Udoh was the lone striker.
Oxford also lined up on a 4-2-3-1 formation with Harris the central striker and Ruben Rodrigues just behind. Owen Dale and Josh Murphy were the widemen.
Report:
In what was a thoroughly entertaining opening 45 minutes, Town came a whisker away from opening the scoring after just 60 seconds.
After some good build-up play, the ball fell for O'Brien in the box who fired narrowly past the post.
Oxford responded and had a big chance of their own shortly after when a clever ball from Rodrigues sent Harris through on goal.
He then entered the box only to see a low drive well saved by the legs of Marosi.
In a game where the chances continued to come at both ends, Winchester hit a fizzing drive from 20 yards that Cumming did brilliantly to tip around the post.
Cameron Brannagan then sent a powerful drive inches wide from just outside the box.
Town had another big chance to open the scoring midway through the half when an excellent ball from Flanagan got Udoh in behind the Oxford defence.
The striker then delivered a wonderful cross that O'Brien couldn't quite turn home.
From that point on, it was Salop pushing to go into the break ahead.
Perry did well to win the ball high before finding Udoh who saw a shot deflect over.
Dunkley then did well to twice meet two dangerous corners from Hinchy.
One of those headers, though, sailed agonisingly over the bar, while the second was claimed by keeper Cumming.
Oxford went on to open the scoring in the 53rd minute when a raking ball forward from Elliott Moore found Murphy in the box.
He then squared to Harris who cleverly moved the ball onto Bodin who fired in from 10 yards.
Unfortunate to be behind, Town immediately went in search of an equaliser.
And we saw a big appeal for a penalty waved away just past the hour mark with Udoh adamant he had been dragged to the floor by Brown.
Referee Sam Purkiss, though, only awarded a corner - with Dunkley then heading Hinchy's delivery wide.
With 20 minutes remaining, Hurst made a triple change with Tunmise Sobowale, Roland Idowu, and Price replacing O'Brien, Bloxham, and Hinchy.
And it was Price who went on to pull Town level with a sensational strike.
After a ball into the box was cleared, Price waited on the edge of the box before brilliantly guiding the ball into the bottom corner on the volley.
Seconds later, the U’s almost got themselves back in front with Marosi first making an outstanding save to deny Murphy.
Morgan Feeney and Flanagan both then made vital goal-line clearances.
With six minutes added on, the final chance fell to the visitors in the way of a Joe Bennett free kick that travelled over the bar to ensure both sides left with a point.
Teams:
Shrewsbury: Marosi, Benning, Dunkley, Flanagan, Feeney, Winchester, Hinchy (Price, 71'), Perry (Bennett, 89'), Bloxham (Sobowale, 71'), O'Brien (Idowu, 71'), Udoh.
Subs not used: Burgoyne, Sraha, Bowman.
Oxford: Cumming, Long, Brown (Browne, 67'), Moore, Brannagan, Harris, Bodin (Henry, 87'), Bennett, Rodrigues (McEachran, 67'), Murphy, Dale (Goodrham, 87').
Subs not used: Eastwood, Thorniley, Leigh.
Referee: Sam Purkiss
Attendance: 7,340 (1141 away)
