Wolves dropped back into the npower Championship relegation places after Obika's 90th-minute strike earned the in-form Addicks a 2-1 home victory.
Kevin Doyle had headed in an equaliser after Dorian Dervite had opened the scoring for the hosts but Wolves were unable to hang on for a draw.
"Football is cruel isn't it?" Saunders said.
"Both their goals are scrambled. It was not our day.
"Karl Henry hits a 35-yarder, which hits the underside of the bar and comes out. If it is your day that goes in.
"The first goal is a miskicked corner, which he scuffs along the floor. Kevin Doyle has tried to clear it but it is like a low ball in crickets and he miss hits it.
"The second goal is even more unlucky in the 90th minute when it hits Jack Robinson in the face and squirts out to their player when it could have gone anywhere."
However, Saunders remains confident that Wolves can stay up.
He said: "All is not lost. Other results have kept us in it. All that bad luck can be reversed. The players can do it. We have dug results out before.
"This was a kick in the teeth and is hard to swallow but it is football you have to pick yourself up off the floor."