diff --git a/builtin/describe.c b/builtin/describe.c
index 7668591d57..40482d8e9f 100644
--- a/builtin/describe.c
+++ b/builtin/describe.c
@@ -194,7 +194,7 @@ static int get_name(const char *path, const struct object_id *oid, int flag, voi
 	}
 
 	/* Is it annotated? */
-	if (!peel_ref(path, &peeled)) {
+	if (!peel_iterated_oid(oid, &peeled)) {
 		is_annotated = !oideq(oid, &peeled);
 	} else {
 		oidcpy(&peeled, oid);
diff --git a/builtin/gc.c b/builtin/gc.c
index b315b2ad58..01e8dc9f70 100644
--- a/builtin/gc.c
+++ b/builtin/gc.c
@@ -769,7 +769,7 @@ static int dfs_on_ref(const char *refname,
 	struct commit_list *stack = NULL;
 	struct commit *commit;
 
-	if (!peel_ref(refname, &peeled))
+	if (!peel_iterated_oid(oid, &peeled))
 		oid = &peeled;
 	if (oid_object_info(the_repository, oid, NULL) != OBJ_COMMIT)
 		return 0;
diff --git a/builtin/pack-objects.c b/builtin/pack-objects.c
index 2a00358f34..bd18139d7e 100644
--- a/builtin/pack-objects.c
+++ b/builtin/pack-objects.c
@@ -629,7 +629,7 @@ static int mark_tagged(const char *path, const struct object_id *oid, int flag,
 
 	if (entry)
 		entry->tagged = 1;
-	if (!peel_ref(path, &peeled)) {
+	if (!peel_iterated_oid(oid, &peeled)) {
 		entry = packlist_find(&to_pack, &peeled);
 		if (entry)
 			entry->tagged = 1;
@@ -2808,7 +2808,7 @@ static int add_ref_tag(const char *path, const struct object_id *oid, int flag,
 	struct object_id peeled;
 
 	if (starts_with(path, "refs/tags/") && /* is a tag? */
-	    !peel_ref(path, &peeled)    && /* peelable? */
+	    !peel_iterated_oid(oid, &peeled)    && /* peelable? */
 	    obj_is_packed(&peeled)) /* object packed? */
 		add_tag_chain(oid);
 	return 0;
diff --git a/builtin/show-ref.c b/builtin/show-ref.c
index ae60b4acf2..7f8a5332f8 100644
--- a/builtin/show-ref.c
+++ b/builtin/show-ref.c
@@ -40,7 +40,7 @@ static void show_one(const char *refname, const struct object_id *oid)
 	if (!deref_tags)
 		return;
 
-	if (!peel_ref(refname, &peeled)) {
+	if (!peel_iterated_oid(oid, &peeled)) {
 		hex = find_unique_abbrev(&peeled, abbrev);
 		printf("%s %s^{}\n", hex, refname);
 	}
diff --git a/commit-graph.c b/commit-graph.c
index e9124d4a41..15c10fcc5a 100644
--- a/commit-graph.c
+++ b/commit-graph.c
@@ -1458,7 +1458,7 @@ static int add_ref_to_set(const char *refname,
 	struct object_id peeled;
 	struct refs_cb_data *data = (struct refs_cb_data *)cb_data;
 
-	if (!peel_ref(refname, &peeled))
+	if (!peel_iterated_oid(oid, &peeled))
 		oid = &peeled;
 	if (oid_object_info(the_repository, oid, NULL) == OBJ_COMMIT)
 		oidset_insert(data->commits, oid);
diff --git a/ls-refs.c b/ls-refs.c
index a1e0b473e4..7b9ae6498b 100644
--- a/ls-refs.c
+++ b/ls-refs.c
@@ -63,7 +63,7 @@ static int send_ref(const char *refname, const struct object_id *oid,
 
 	if (data->peel) {
 		struct object_id peeled;
-		if (!peel_ref(refname, &peeled))
+		if (!peel_iterated_oid(oid, &peeled))
 			strbuf_addf(&refline, " peeled:%s", oid_to_hex(&peeled));
 	}
 
diff --git a/refs.c b/refs.c
index 13dc2c3291..8a4780c201 100644
--- a/refs.c
+++ b/refs.c
@@ -1898,31 +1898,14 @@ int refs_pack_refs(struct ref_store *refs, unsigned int flags)
 	return refs->be->pack_refs(refs, flags);
 }
 
-int refs_peel_ref(struct ref_store *refs, const char *refname,
-		  struct object_id *oid)
+int peel_iterated_oid(const struct object_id *base, struct object_id *peeled)
 {
-	int flag;
-	struct object_id base;
-
-	if (current_ref_iter && current_ref_iter->refname == refname) {
-		struct object_id peeled;
-
-		if (ref_iterator_peel(current_ref_iter, &peeled))
-			return -1;
-		oidcpy(oid, &peeled);
-		return 0;
-	}
+	if (current_ref_iter &&
+	    (current_ref_iter->oid == base ||
+	     oideq(current_ref_iter->oid, base)))
+		return ref_iterator_peel(current_ref_iter, peeled);
 
-	if (refs_read_ref_full(refs, refname,
-			       RESOLVE_REF_READING, &base, &flag))
-		return -1;
-
-	return peel_object(&base, oid);
-}
-
-int peel_ref(const char *refname, struct object_id *oid)
-{
-	return refs_peel_ref(get_main_ref_store(the_repository), refname, oid);
+	return peel_object(base, peeled);
 }
 
 int refs_create_symref(struct ref_store *refs,
diff --git a/refs.h b/refs.h
index ff05d2e9fe..71d56cb4b2 100644
--- a/refs.h
+++ b/refs.h
@@ -118,16 +118,16 @@ int is_branch(const char *refname);
 int refs_init_db(struct strbuf *err);
 
 /*
- * If refname is a non-symbolic reference that refers to a tag object,
- * and the tag can be (recursively) dereferenced to a non-tag object,
- * store the object ID of the referred-to object to oid and return 0.
- * If any of these conditions are not met, return a non-zero value.
- * Symbolic references are considered unpeelable, even if they
- * ultimately resolve to a peelable tag.
- */
-int refs_peel_ref(struct ref_store *refs, const char *refname,
-		  struct object_id *oid);
-int peel_ref(const char *refname, struct object_id *oid);
+ * Return the peeled value of the oid currently being iterated via
+ * for_each_ref(), etc. This is equivalent to calling:
+ *
+ *   peel_object(oid, &peeled);
+ *
+ * with the "oid" value given to the each_ref_fn callback, except
+ * that some ref storage may be able to answer the query without
+ * actually loading the object in memory.
+ */
+int peel_iterated_oid(const struct object_id *base, struct object_id *peeled);
 
 /**
  * Resolve refname in the nested "gitlink" repository in the specified
diff --git a/t/helper/test-ref-store.c b/t/helper/test-ref-store.c
index 759e69dc54..bba5f841c6 100644
--- a/t/helper/test-ref-store.c
+++ b/t/helper/test-ref-store.c
@@ -72,18 +72,6 @@ static int cmd_pack_refs(struct ref_store *refs, const char **argv)
 	return refs_pack_refs(refs, flags);
 }
 
-static int cmd_peel_ref(struct ref_store *refs, const char **argv)
-{
-	const char *refname = notnull(*argv++, "refname");
-	struct object_id oid;
-	int ret;
-
-	ret = refs_peel_ref(refs, refname, &oid);
-	if (!ret)
-		puts(oid_to_hex(&oid));
-	return ret;
-}
-
 static int cmd_create_symref(struct ref_store *refs, const char **argv)
 {
 	const char *refname = notnull(*argv++, "refname");
@@ -255,7 +243,6 @@ struct command {
 
 static struct command commands[] = {
 	{ "pack-refs", cmd_pack_refs },
-	{ "peel-ref", cmd_peel_ref },
 	{ "create-symref", cmd_create_symref },
 	{ "delete-refs", cmd_delete_refs },
 	{ "rename-ref", cmd_rename_ref },
diff --git a/t/t1405-main-ref-store.sh b/t/t1405-main-ref-store.sh
index 74af927fba..5f69ef8519 100755
--- a/t/t1405-main-ref-store.sh
+++ b/t/t1405-main-ref-store.sh
@@ -14,13 +14,6 @@ test_expect_success 'pack_refs(PACK_REFS_ALL | PACK_REFS_PRUNE)' '
 	N=`find .git/refs -type f | wc -l`
 '
 
-test_expect_success 'peel_ref(new-tag)' '
-	git rev-parse HEAD >expected &&
-	git tag -a -m new-tag new-tag HEAD &&
-	$RUN peel-ref refs/tags/new-tag >actual &&
-	test_cmp expected actual
-'
-
 test_expect_success 'create_symref(FOO, refs/heads/master)' '
 	$RUN create-symref FOO refs/heads/master nothing &&
 	echo refs/heads/master >expected &&
@@ -29,6 +22,7 @@ test_expect_success 'create_symref(FOO, refs/heads/master)' '
 '
 
 test_expect_success 'delete_refs(FOO, refs/tags/new-tag)' '
+	git tag -a -m new-tag new-tag HEAD &&
 	git rev-parse FOO -- &&
 	git rev-parse refs/tags/new-tag -- &&
 	m=$(git rev-parse master) &&
diff --git a/t/t1406-submodule-ref-store.sh b/t/t1406-submodule-ref-store.sh
index 36b7ef5046..110ac40a98 100755
--- a/t/t1406-submodule-ref-store.sh
+++ b/t/t1406-submodule-ref-store.sh
@@ -11,7 +11,8 @@ test_expect_success 'setup' '
 	(
 		cd sub &&
 		test_commit first &&
-		git checkout -b new-master
+		git checkout -b new-master &&
+		git tag -a -m new-tag new-tag HEAD
 	)
 '
 
@@ -19,13 +20,6 @@ test_expect_success 'pack_refs() not allowed' '
 	test_must_fail $RUN pack-refs 3
 '
 
-test_expect_success 'peel_ref(new-tag)' '
-	git -C sub rev-parse HEAD >expected &&
-	git -C sub tag -a -m new-tag new-tag HEAD &&
-	$RUN peel-ref refs/tags/new-tag >actual &&
-	test_cmp expected actual
-'
-
 test_expect_success 'create_symref() not allowed' '
 	test_must_fail $RUN create-symref FOO refs/heads/master nothing
 '
diff --git a/upload-pack.c b/upload-pack.c
index 3b66bf92ba..4ab55ce2b5 100644
--- a/upload-pack.c
+++ b/upload-pack.c
@@ -1232,7 +1232,7 @@ static int send_ref(const char *refname, const struct object_id *oid,
 		packet_write_fmt(1, "%s %s\n", oid_to_hex(oid), refname_nons);
 	}
 	capabilities = NULL;
-	if (!peel_ref(refname, &peeled))
+	if (!peel_iterated_oid(oid, &peeled))
 		packet_write_fmt(1, "%s %s^{}\n", oid_to_hex(&peeled), refname_nons);
 	return 0;
 }