Kevin Doyle gave the home side the lead on 18 minutes when he headed home from Greg Halford’s long throw.
They doubled their lead five minutes after half time when David Edwards smashed the ball home from Andy Keogh’s clever pass.
Wolves looked to be cruising but Fulham halved the deficit on 66 minutes when referee Kevin Friend awarded the visitors a penalty for a pull on Bobby Zamora’s shirt by Michael Mancienne – and Danny Murphy stepped up to slot the ball home.
Substitute Diomansy Kamara almost grabbed an unlikely equaliser for Fulham but his shot was cleared off the line by George Elokobi to ensure Wolves took all three points.
Rangers are hopeful they can beat Spartak Moscow to the signing of Croatian defender Nikola Katic, according to reports.
Manchester United could pull the plug on their bid to sign Toby Alderweireld from Tottenham and are looking elsewhere, reports claim.
Liverpool are ready to push on with a move for Stoke star Xherdan Shaqiri after missing out on Lyon midfielder Nabil Fekir.
Everton are showing an interest in Bristol City forward Bobby Reid as Wayne Rooney is heading for the exit door.
Borussia Monchengladbach face another battle to keep Thorgan Hazard as a host of clubs throughout Europe are showing an interest.
Napoli have opened talks with Nice midfielder Jean Michael Seri, who is keen on a switch to Serie A, according to his agent.