The oxygen fugacity (fO2) of convecting upper mantle recorded by ridge peridotites varies by more than four orders of magnitude1-3. Although much attention has been given to mechanisms that drive variations in mantle fO2 between tectonic settings1,3,4 and to comparisons of fO2 between modern rocksand ancient-mantle-derived rocks5-10, comparatively little has been done to understand the origins of the high variability in fO2 recorded by peridotites from modern mid-ocean ridge settings. Here we report the petrography and geochemistry of peridotites from the Gakkel Ridge and East Pacific Rise (EPR), including 16 new high-precision determinations of fO2. Refractory peridotites from the Gakkel Ridge record fO2 more than four orders of magnitude below the mantle average. With thermodynamic and mineral partitioning modelling, we show that excursions to ultralow fO2 can be produced by large degrees of melting at high potential temperature (Tp), beginning in the garnet field and continuing into the spinel field-conditions met during the generation of ancient komatiites but not modern basalts. This does not mean that ambient convecting upper mantle had a lower ferric to ferrous ratio in Archaean times than today nor that modern melting in the garnet field at hotspots produce reduced magmas. Instead, it implies that rafts of ancient, refractory, ultrareduced mantle continue to circulate in the modern mantle while contributing little to modern ridge volcanism.