Iwobi's only other league goal for Everton was on September 2019 against the same opponents.
Wolves have won just once in eight league games since November.
Tom Davies conceded a soft corner which Yerry Mina only half cleared and Rayan Ait-Nouri skipped down the left.
Three minutes later only a sharp Jordan Pickford stop denied Fabio Silva and Rui Patricio saved from Iwobi soon after.
Wolves are yet to find the consistency which propelled them to Europe and, without Jimenez, look unlikely to challenge again this season after another lightweight display.
However, Ruben Neves was on hand to restore parity for the hosts in the 14th minute, but the Toffees snatched the maximum points on offer through Michael Keane's 76th-minute goal to win the away tie 2-1.
In the 77th minute, Michael Keane scored the victor with a header converting Andre Gomes' teasing cross from the left.
Andre Gomes worked space on the left and his teasing cross was powered in at the far post by the England defender.
Carlo Ancelotti had defended James in the buildup to this one and the Colombian was involved as Everton opened the scoring with five minutes played.