Cameron Brannagan scored the winning penalty as Oxford reached the Sky Bet League One play-off final with a 5-4 shootout win over Portsmouth.
The hosts converted all of their spot-kicks in a dramatic finale at the Kassam Stadium as Karl Robinson's side booked a place against either Wycombe at Wembley next Monday.
Barnsley loanee Cameron McGeehan saw his penalty superbly saved by Oxford goalkeeper Simon Eastwood as Portsmouth's play-off woes continued, having now never made the finals in four attempts.
Pompey led through Marcus Harness' 38th-minute strike and had good chances to score more.
But in the third and final minute of first-half stoppage time Ellis Harrison scored an unfortunate own-goal after a defensive mix-up with goalkeeper Alex Bass.
DISASTER FOR PORTSMOUTH!
β Sky Sports Football (@SkyFootball) July 6, 2020
In the last action of the first-half, Portsmouth have gifted Oxford a route back into the game through Ellis Harrison's own goal! π
The second half is coming up live on Sky Sports Football! πΊ pic.twitter.com/eJ5OaJPMzu
And after both sides drew a blank in extra-time, the second leg went to the wire with spot-kicks.
Ben Woodburn, Anthony Forde, Matty Taylor and skipper John Mousinho all scored for Oxford, while John Marquis, Gareth Evans and Lee Brown responded.
But McGeehan saw the eighth penalty brilliantly saved by Eastwood to leave it advantage Oxford.
Ollie Hawkins made it 4-4, but Brannagan won it with a clinical finish to put Oxford within one win of promotion to the Championship.
Standing in their way are Wycombe, who salvaged a 2-2 draw against Fleetwood on the night - and had done the damage by winning the first leg 4-1.
Winning 6-3 on aggregate, they now stand on the brink of promotion to English football's second tier for the very first time in their history.
FT: Wycombe 2-2 Fleetwood.
β Wycombe Wanderers (@wwfcofficial) July 6, 2020
Wanderers win 6-3 on aggregate.
WE'RE OFF TO WEMBLEY!!! pic.twitter.com/f2Dvl7gn6M
Oxford edge through
Jamie Mackie started for Oxford and nearly made an immediate impact as they came flying out of the blocks.
The experienced striker forced a smart save from Bass after only four minutes and shortly afterwards James Henry rifled well wide for the hosts.
But Portsmouth grew into the game and Harrison headed just wide from a Ryan Williams cross.
Elliott Moore headed over from a Henry cross as the contest opened up, but Eastwood was then forced to make a smart save to deny Harrison from close range.
Marcus Browne, who bagged Oxford's equaliser in the first leg, burst into the box and Bass did well to gather the Middlesbrough loanee's stinging low drive.
Pompey took the lead seven minutes before the break with a route one counter-attack which caught the U's cold.
Harness collected a Harrison flick and fired the ball into the bottom-left corner.
Henry tried an ambitious long-range effort moments later as Oxford looked for an immediate response, but his shot was well wide.
The home side did equalise in the dying seconds of the first half after a horrible mix-up between Bass and Harrison.
Henry's corner should have been easy to deal with, but poor communication saw Bass miss his attempted punched clearance and Harrison collided with the keeper as the ball flew into the empty net.
Henry blazed well over just before the hour after a cagey opening following the resumption, while Ronan Curtis shot well over with a long-distance free-kick.
Marquis came agonisingly close to putting Pompey ahead in the 69th minute, but his header from a Curtis cross struck the outside of a post.
Goalscorer Harness curled a powerful right-foot shot narrowly over as Pompey pressed for a late winner and Marquis shot just wide in extra time.
But it was Brannagan who scored the decisive penalty to win it for Oxford.
Wycombe on the brink of history
Fred Onyedinma scored twice as Wycombe held off a spirited Fleetwood to reach the final following a 2-2 draw at Adams Park.
The Chairboys had taken control of the first leg, easing to an emphatic 4-1 victory at Highbury against nine men, and did enough to book their place at Wembley with a 6-3 aggregate success.
Wycombe are 90 minutes away from being in the second tier for the first time in their 133-year history.
β Tom Carnduff (@TomC_22) July 6, 2020
Fleetwood took the lead in the 22nd minute after an early period of pressure. The Wycombe defence cleared the ball straight into the path of Danny Andrew and he fired home to offer Joey Barton's side hope of a stirring comeback.
But Wycombe hit back just after the restart, with Onyedinma capitalising on a defensive mistake to level on the night and put his side firmly back in control.
The visitors regained the lead through Ched Evans' second penalty of the tie, only for Onyedinma to grab his second goal of the game at the death to seal his side's passage.
Wycombe will face Oxford in the final on July 13 as they attempt to reach the second tier of English football for the first time in their history.
The visitors started brightly as they looked to overturn the three-goal deficit, with Josh Morris and Andrew both sending efforts over the crossbar.
Just before the first-half drinks break, Andrew found his range, driving the ball low into the net to put Fleetwood in front.
Goalkeeper Alex Cairns, who had made two errors but saved a penalty in the first leg, was almost left red-faced once again. He came off his line to make a clearance, only to find Chairboys midfielder Nnamdi Ofoborh, whose 50-yard effort was pushed wide by the backtracking goalkeeper.
Fleetwood could consider themselves hard done by in the closing stages of the first half after a strike from Barrie McKay appeared to hit defender Anthony Stewart's arm as he blocked the attempt.
The home side extended their advantage in the tie at the start of the second half. Fleetwood's towering defender Harry Soutter diverted the ball into Onyedinma's path and the Nigerian ran onto it and slotted under Cairns.
OH, HARRY SOUTTAR! π
β Sky Sports Football (@SkyFootball) July 6, 2020
The Fleetwood defender initially does well to halt Fred Onyedinma's progress but then hands the ball straight back to him to score!
Watch it live on Sky Sports Football now! πΊ pic.twitter.com/apFAkWe1AQ
The game was not level for long, though, with referee Darren Bond awarding Fleetwood another penalty after McKay was brought down by Joe Jacobson.
Evans sent goalkeeper Ryan Allsop the wrong way to make it 5-3 overall.
Shortly after the second drinks break, half-time substitute Adebayo Akinfenwa had a chance to put the tie firmly beyond Fleetwood, but his close-range effort was straight at Cairns.
In the final stages of the match and with Fleetwood going all-out for another goal, Onyedinma scored his second of the game to seal his side's passage to the final.
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