I would refactor it and write it like this:
char[] values = {'x', 'y', 'z', 't'};
for (char c : values) {
Bar bar = peekAndGet(c);
if (bar != null) return produce(bar);
}
return null;
Note: one good reason to do it, is that the first time I read your code I thought it looked buggy until I read your question. You want to keep those "Something looks wrong" moments for things that really are wrong.