David Kitson’s late header denied Fleetwood Town all three points and a return to top spot in League Two.
Steven Schumacher curled a free kick into the top corner after 12 minutes to hand Fleetwood the lead following a foul on Nathan Tyson.
And he could have doubled his tally before the break, sliding to get on the end of a Gareth Evans cross but sending the ball spinning over the bar.
The visitors enjoyed good pressure but limited chances, Ryan Williams with perhaps the best opportunity, Scott Davies alert to push the ball away from the advancing winger.
But Oxford pressed on after the break, Fleetwood playing too deep and too often giving the ball away.
Nathan Pond and Scott Davies were their saviours just before the hour, one big block and a superb save to deny Kitson before Schumacher cleared the rebound shot off the line.
Davies saved a penalty from former team-mate Danny Rose to preserve Town’s lead.
But Oxford made their pressure count, Kitson’s glancing header from David Hunt’s cross preserving their unbeaten away record.