Seyi George Olofinjana's foul on Aaron Lennon was straight forward, but then Rob Edwards kicked the ball away, incurring a yellow card from referee Phil Crossley who also advanced the ball a further 10-yards.
Oakes should still have dealt with the former Crystal Palace midfielder's shot, but only helped the ball into the roof of his own net.
Carl Cort had headed draw specialists Wolves into the lead five minutes before the break, but Derry netted his second goal in four games since arriving from Palace.
The point was of little use to either side in their bid to make up lost ground in the chase for a play-off place as Wolves registered their 19th draw of the season.
Leeds made four changes, Ian Moore, Derry, Seth Johnson and Marlon King coming in for David Healy, Jermaine Wright, Gary Kelly and Frazer Richardson. Wolves' only change was Rohan Ricketts in place of Ki-Hyeon Seol, who had been away with South Korea earlier in the week.
Johnson made his first start for just under a year in the Leeds midfield, Moore made his debut and King was handed his first start since joining on loan from Nottingham Forest.
A second minute corner from Johnson was headed wide by captain and former Wolves skipper Paul Butler but in an untidy first half, King also tried his luck with a 30-yard volley, with keeper Oakes yards off his line, but the striker was off-target.
Paul Ince was no more accurate from 25-yards for Wolves, but the former England midfielder played a big part in the opening goal on 40 minutes.
Ince took a short free-kick to Lee Naylor on the right and from a return pass, Ince crossed beyond the far post where Simon Walton conceded a corner.
Naylor took the flag kick and Cort's header went through keeper Neil Sullivan's legs into the net for the ex-Wimbledon and Newcastle striker's 15th goal of the season.
Rob Hulse hit a drive over the bar from 25-yards and followed that up with another chance from just inside the area that went past the left-hand post as Leeds finished the first-half strongly.
The equaliser arrived five minutes into the second half, Derry beating Oakes with his speculative free-kick from just outside the penalty box.
Leeds pressed for the winner and may have had it just after the hour as Lennon set free inside the edge of the area.
His pull back found King for a first-time drive that was blocked by Naylor, with Derry then blazing the rebound over.
Naylor was denied an injury-time Wolves winner by Sullivan's desperate stop in a result that leaves both sides outside the play-off positions.