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Unstable, because oxygen is a diatomic element meaning that O (charge of -2) cannot stand alone, when not in a compound it must be O2. So it has a charge of -4.
summary: O2 could form a linear complex with the Fe atom, but then it would start to look more like a mineral Fe=O...O bond - a linear bond would be like a transition state to an iron oxide (rust). An Fe-O-O bent bond preserves more of the electronic character of the O2 molecule and promotes strong but reversible binding to Hemoglobin. The oxygen molecule forms a partial covalent bond with the iron in the heme (the ringlike molecule in the picture below ). The lone pair of electrons of the oxygen atom which forms the bond to the iron has a 120 degree angle with respect to the oxygen molecule itself. In chemistry we say it is sp2 hybridized.