Laws said: "It was a magnificent game of football by two teams who set the house on fire.
"It was an exceptional game, and gave us a real heartache to go a goal down but they were desperate for the half-time whistle.
"Give credit to Oxford, they counterattacked well, but we can't be too disappointed with our performance.
"We're coming back to form. We knew it was going to be difficult, Oxford are as good a footballing side as we've seen at Glanford Park this season.
"Once again we've not been beaten and we have similar exciting games to come."
Oxford coach Jean Guiran said: "We thought we deserved the points after our defensive work.
"We frustrated Scunthorpe for 90 minutes and then fell at the final hurdle in what was a thrilling game.
"Chris Tardif kept us in the game with two great first-half saves and kept our hopes alive.
"Leo Roget and Jon Ashton were tremendous and Tommy Mooney was unlucky not to get a second goal.
"We can take heart from this and still feel we've an outside chance of the playoffs.²