Scorers: Peterhead – McAllister (14), Ross (33), McKee (89); Stranraer – Armour (24), Goldie (68 og)
A late Joe McKee free kick broke Blues hearts at Balmoor, after twice battling back from a goal down.
Rory McAllister opened the scoring for the home side after 14 minutes, but Ben Armour levelled for Stranraer ten minutes later, sweeping home on the rebound after Matty Grant’s volley was saved.
The league leaders went in front for a second time on 33 minutes, defender Scott Ross converting from a Joe McKee corner.
Scott Agnew’s side had matched their hosts throughout, and found the equaliser once more through an attempted clearance from Peterhead defender Caleb Goldie which sailed into his own net.
But despite a spirited showing from Stranraer, the contest would be won with just a minute left to play by a well-taken free kick from Blue Toon midfielder Joe McKee.