Jonathan Douglas and Daryl Murphy put Blues in front in either half but Wolves equalised twice via James Henry and Benik Afobe in a 2-2 draw at Portman Road. Douglas opened the scoring in the 16th minute, Henry levelled seven minutes before the break, prior to Murphy regaining Town’s lead on 54, but Afobe hit back with a header 15 minutes from time.
Boss Mick McCarthy named an unchanged side against his old club with central defender Christophe Berra facing his former side.
For Wolves, one-time Town loanee Jordan Graham was handed his debut wide on the left of midfield.
Prior to kick-off there was an immaculately observed minute’s silence for former Blues keeper Márton Fülöp, who died aged 32 just over a week ago following a long battle with cancer, and the victims of the Paris attacks.
Cole Skuse struck the game’s first shot of the game well over in the second minute after good work down the left involving Freddie Sears.
There was a scare for the Blues a minute later when Wolves striker Benik Afobe was first to Dominic Iorfa’s ball over the top but stumbled as he took it down and Tommy Smith got back to challenge before Dean Gerken claimed.
Wolves threatened again in the 10th minute when Iorfa made a powerful run into the area but Berra got across to block his shot. The loose ball fell to Graham on the left of the area and Gerken grabbed his effort after a deflection.
James Henry picked up the game’s first yellow card a minute later for a foul on Jonas Knudsen on the Blues’ left but the freekick came to nothing and Wolves broke, Graham sending over a dangerous low cross which Skuse did very well to divert over ahead of Jack Price.
Despite the visitors having had the better of the early chances, the Blues went in front on 16.
A move which started in the centre circle ended with Sears feeding Knudsen on the overlap to his left. The Dane sent over a low cross which Daryl Murphy allowed to pass behind him to Jonathan Douglas, who deftly curled into the corner of the net with the outside of his right boot. It was the Irishman’s second goal in two games and his first at Portman Road.
Brett Pitman wasn’t far away from making it 2-0 on 18 when he blocked Carl Ikeme’s kick and the ball looped a feet feet wide of goal.
As the clock ticked over to 21 Portman Road burst into applause in tribute to Fülöp - 21 was his Town squad number - with the Sir Bobby Robson Stand chanting ‘One Márton Fülöp’.
Having got their noses in front the Blues were looking the more threatening side and on 26 Pitman was inches away from making it 2-0 when he headed Sears’s cross from the left just past Ikeme’s left post.
Pitman went even closer on 32, albeit unintentionally, when a cross from deep on the right looped over Ikeme and bounced off the top of the bar and over.
Three minutes later, a sweeping Town move ended with Sears playing a low ball across the six-yard box from the right but no one was able to add the final touch. Soon after, the former Colchester striker scuffed an effort from distance wide.
The Blues had been well on top having taken the lead but seven minutes before the break the visitors got back on terms.
Graham sent over a corner from the left to the far post, on-loan Newcastle man Mike Williamson stabbed back across the area and James Henry - a Town target during Paul Jewell’s time in charge - turned home from a couple of feet.
Three minutes before the break Smith headed Kevin Bru’s right-sided corner powerfully goalwards but straight at Ikeme. As the half moved into its final scheduled minute, skipper Luke Chambers headed a cross from the left but also to the keeper.
Town will feel they ought to have been ahead at the break after an impressive first half performance.
Having gone in front via a well-worked goal the Blues played some of their best football of the season, keeping possession confidently, passing the ball fluently and carving out one or two chances to increase their lead.
The Wolves equaliser came very much against the run of play and was a very poor goal to concede from a Town perspective.
Six minutes after the restart Murphy hit the first shot of the second half from the edge of the box, the ball deflecting wide for a corner.
Town regained their lead in the 54th minute. Skuse played in Pitman on the right of the area and, as keeper Ikeme came off his line expecting the former Bournemouth man to go for goal, he slid the ball over him but across to Murphy, who nodded in his fourth goal of the season from close range.
Ikeme - in the side as a replacement for the injured Emiliano Martinez - suffered an knock in attempting to get back into his ground but after treatment was OK to carry on.
After Graham had shot over from a promising position on the left of the area, Wolves switched Dave Edwards for Adam Le Fondre on 65 with the visitors.
A minute later Skuse won the ball midway inside the Wolves half before finding Sears, who exchanged passes with Pitman, but the return was just too strong for the one-time West Ham trainee.
Town continued to look the more dangerous side, Murphy sending over another cross from the left on 68 but again beyond his team-mates. Soon after Bru was switched for Ainsley Maitland-Niles, the Mauritius international receiving warm applause as he left the field.
Graham looped a freekick from a dangerous position on the right over in the 71st minute with the visitors beginning to have more of the ball in the Town half.
And in the 75th minute they got back on terms. Le Fondre sent over a cross from the right and Afobe planted an unchallenged header past Gerken from a five yards.
The visitors, who had started to get more into the game before the goal although without looking too much of a threat, went close again a minute after scoring, Le Fondre just failing to reach Henry’s cross from the right.
Maitland-Niles went close to making it 3-2 on 79, the on-loan Arsenal man flicking a header from Sears’s cross just wide. At the other end, Henry shot well over after good work on the edge of the box from Le Fondre.
As the game moved into its final scheduled 10 minutes Wolves were looking much more dangerous than earlier in the game. On 82 Le Fondre hit a shot straight at Gerken.
Two minutes later, Sears and Murphy carved out a chance for Douglas inside the area but Ikeme plucked the Irishman’s shot out of the air.
Kevin McDonald blazed over in the 87th minute with the visitors creating most of the better late chances. Two minutes later, Ikeme did well to punch away Sears’s cross ahead of Murphy and Chambers.
As the game moved into four minutes of injury time Skuse saw a powerful effort blocked, then Douglas hit a strike which deflected through to Ikeme.
In injury time Chambers was yellow-carded for a foul on Ojo, then Le Fondre was joined him in the book for a cynical trip on Sears as Town broke. Town were unable to make anything of the freekick and soon after referee Gavin Ward blew his final whistle.
Town will feel they have dropped two points having been on top and comfortable twice in the game before conceding two bad goals.
Having put in one of their best performances of the season in the first half, the Blues weren’t quite so impressive after the break, however, once Pitman had superbly created Murphy’s goal they should have gone on to claim all three points but allowed the game to drift and Wolves to get back on terms for a second time.
Town remain 10th in the table - now only three points off the play-offs - ahead of next Saturday’s trip to Charlton, who climbed to fifth-bottom after a 1-0 away win at Birmingham.
Town: Gerken, Chambers (c), Smith, Berra, Knudsen, Skuse, Bru (Maitland-Niles 69), Douglas, Sears, Murphy. Pitman. Unused: Bialkowski, Malarczyk, Parr, Coke, Oar, Touré.
Wolves: Ikeme, Iorfa, Batth (c), Williamson, Golbourne, McDonald, Price, Henry, Edwards (Le Fondre 65), Graham (Ojo 78), Afobe. Unused: Flatt, Doherty, Coady, Byrne, Holt. Referee: Gavin Ward (Surrey). Att: 19,227 (Wolves: 996).