Wenger's side are six points behind leaders Chelsea with only seven games left following the latest setback to their spluttering challenge at the Emirates Stadium on Tuesday.
The Gunners had looked set to recover from Saturday's humiliating 6-0 loss at Chelsea as two goals in 60 seconds midway through the second half from Lukas Podolski and then Olivier Giroud erased Wilfried Bony's opener.
But Arsenal still managed to self-destruct in familiar fashion as Mathieu Flamini's own-goal in the 90th minute earned a point for Swansea, who could even have stolen all three if referee Lee Probert hadn't blown for full-time with Jonathan de Guzman set to shoot.
"I think at the moment that is not the biggest worry we have," Wenger said when asked about Arsenal's title prospects.
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"We have to be realistic a little bit and look behind us as well as in front of us.
"The result on Saturday has affected us a lot because it was a big disappointment. This result hurts us a lot as well.
"It is very disappointing but we have to take it on the chin. After getting to 2-1 we were too conservative.
To make matters worse for Wenger, Arsenal's next opponents on Saturday are rampant Manchester City, who head to north London boosted by their 3-0 win at Manchester United on Tuesday.