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Adama Traore’s explosive stoppage-time winner - his first goal in 49 top-flight matches - settled a low-key Friday night contest, condemning the hosts to a fourth consecutive defeat.
Wolves initially thought they had gone ahead shortly before half-time when Willian Jose headed home Daniel Podence’s cross, only for the goal to be ruled out by VAR David Coote for a fractional offside.
Fulham struggled to find a creative outlet and their best chance of the evening fell to Chelsea loanee Ruben Loftus-Cheek, who could only steer his header from Antonee Robinson’s cross wide in the first half.
A win for Scott Parker’s side on Friday would have seen them jump out of the relegation zone and above Newcastle on goal difference ahead of their key rivals’ trip to Burnley on Sunday.
However, as it stands Fulham remain in the bottom three and three points adrift of safety, having now played two matches more than Steve Bruce’s Newcastle, who can pile further misery on the Cottagers with a positive result at Turf Moor.
Time is most certainly running out for Fulham, who face trips to capital rivals Arsenal and Chelsea in their next two games.
They then host Burnley before visits to Southampton and Manchester United. Newcastle head to west London on the final day of the season.
Meanwhile, a first win since February 19 sees Wolves leapfrog Southampton and Crystal Palace into 12th place, with a 12-point buffer to the bottom three easing any slight lingering relegation worries.