\documentclass{article}
\usepackage{wrapstuff,lipsum,graphicx}
\begin{document}
\begin{wrapstuff}[r,width=10em] \includegraphics[width=8em]{example-image-b} \end{wrapstuff}
\begin{itemize}
\item A
\item \lipsum[1]
\item \lipsum[2] \begin{wrapstuff}[r, width=10em] \includegraphics[width=8em]{example-image-b} \end{wrapstuff}
\item D
\end{itemize}
\lipsum[2]
\end{document}