diff --git a/lib/liquid/tokenizer.rb b/lib/liquid/tokenizer.rb
index 8b331d93c..41a70c131 100644
--- a/lib/liquid/tokenizer.rb
+++ b/lib/liquid/tokenizer.rb
@@ -9,6 +9,7 @@ class Tokenizer
     TAG_END = /%\}/
     TAG_OR_VARIABLE_START = /\{[\{\%]/
     NEWLINE = /\n/
+    RAW_TAG_END = /-?\s*endraw\s*-?%\}/
 
     OPEN_CURLEY = "{".ord
     CLOSE_CURLEY = "}".ord
@@ -116,6 +117,11 @@ def next_variable_token
 
       byte_a = byte_b = @ss.scan_byte
 
+      # The second opening brace can start a tag, e.g. {{% endraw %}}.
+      if byte_a == PERCENTAGE && @ss.match?(RAW_TAG_END)
+        return next_tag_token_with_start(start)
+      end
+
       while byte_b
         byte_a = @ss.scan_byte while byte_a && byte_a != CLOSE_CURLEY && byte_a != OPEN_CURLEY
 
diff --git a/test/integration/tags/raw_tag_test.rb b/test/integration/tags/raw_tag_test.rb
index 2ca43d3b2..501072c4b 100644
--- a/test/integration/tags/raw_tag_test.rb
+++ b/test/integration/tags/raw_tag_test.rb
@@ -36,4 +36,10 @@ def test_invalid_raw
     assert_match_syntax_error(/Valid syntax/, '{% raw } foo {% endraw %}')
     assert_match_syntax_error(/Valid syntax/, '{% raw } foo %}{% endraw %}')
   end
+
+  def test_endraw_after_variable_start_with_trailing_brace
+    assert_template_result('%{}x', '{%raw%}%{{%endraw%}}{%raw%}x{%endraw%}')
+    assert_template_result('{}}after', '{% raw %}{{% endraw %}}}after')
+    assert_template_result('{x', '{% raw %}{{%- endraw -%} {{ "x" }}')
+  end
 end