Because Palmeiras and Inter Miami drew 2-2 to finish first and second in Group A respectively, both teams at the MetLife Stadium in New Jersey ended up deflated, with Porto going behind and then pulling level four times on the night.
"I'm very sad, very very sad, I feel like we should have scored five or six goals, the opportunity was there to win the game," said Palestine international Abou Ali, who netted a hat-trick for Al Ahly.
The Egyptian side took the lead after 15 minutes as Abou Ali slotted a low effort past Claudio Ramos.
Porto quickly hit back through 18-year-old starlet Rodrigo Mora, who drove through the Al Ahly defence and rounded the goalkeeper.
Abou Ali restored his team's lead with a penalty just before half-time, but a stunning Williams Gomes strike pulled Porto level in the 50th minute.
Abou Ali completed his hat-trick little over a minute later with a towering header.
With the game lurching end-to-end Porto responded in kind two minutes later as Samu Aghehowa nodded in for 3-3.
Mohamed Ali Ben Romdhane curled home brilliantly from range to give Al Ahly the lead but they could not hold on.
With a minute remaining, Pepe pulled Porto level for the fourth time to save his team's blushes on the night, although elimination in the group stage was a shock for the Portuguese side.
Find more details on group standings, match schedules, and competition statistics
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