The incident took place on Friday at about 11.15pm in an alleyway near the Moo Moo Clubrooms, in High Street.
The victim, a 20-year-old woman, left the club and walked into an alleyway.
She was approached from behind by a man who then raped her before leaving the scene.
The victim is currently being supported by specially trained officers.
DC Chris Whitwell, of Force CID in Banbury, said: "We believe the man in the CCTV footage has vital information that could help our investigation and are appealing for him to come forward.
"We would also like to hear from anyone else who was in the area at the time and can recall anything that may relate to the incident, no matter how insignificant it may seem.
"The victim continues to be supported by specially trained officers.
Anyone with information is asked to call Thames Valley Police on 101, quoting reference 43180043341, or Crimestoppers anonymously on 0800 555111.
If you have any information relating to this case, please call 101 or contact Crimestoppers anonymously.
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