Duke Miles made a high-arching floater in the lane with 2:55 remaining for a 78-69 lead, but Oklahoma failed to make another field goal the rest of the game.
Trailing 78-75 with under a minute left, Arizona had three chances at a basket, but Caleb Love and Jaden Bradley missed 3-pointers and KJ Lewis had a shot blocked. Fears finally grabbed a defensive rebound before making two free throws for a four-point lead.
Miles finished with 11 points and Luke Northweather scored 10 for Oklahoma (6-0).
Love scored 17 points on 7-of-18 shooting for Arizona (3-3). Bradley added 16 points.
Oklahoma has not looked like a team picked 15th in the SEC preseason poll in this tournament. The Sooners were coming off a 79-77 win over Providence after their nine-point advantage with 44 seconds left nearly slipped away.
Oklahoma had four 3-pointers and a three-point play on six possessions midway through the second half for a 68-57 lead. Miles, Moore and Glenn Taylor Jr. each made a 3-pointer, and Moore completed a three-point play on the team’s next trip down the floor for a 65-55 lead with 8:55 left.
Fears showed his youth against Providence, turning it over eight times in the narrow win. But he responded with five assists and just three turnovers in 33 minutes against the Wildcats.
Oklahoma will play Louisville on Friday in the championship game. Arizona will face West Virginia in the third-place game