Hemoglobin contains a heme group with an Iron ion attached to it. The iron is what binds to O2.
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There is an Fe2+ (iron) within the heme portion of hemoglobin. It binds exactly one molecule of oxygen.
This means that each hemoglobin can bind 4 oxygen molecules.
The iron in the hemoglobin is the site of the oxygen binding. Each iron can bind one O2 molecule, therefore the hemoglobin molecule is capable of binding a total of four O2 molecules.