Step 1: Understanding the Concept:
Oxygen (O$_2$) is a diatomic molecule. Each oxygen atom has 6 valence electrons, and needs 2 more to complete its octet.
Step 2: Detailed Explanation:
To achieve octet stability, two oxygen atoms share two pairs of electrons, forming a double bond (O=O).
Step 3: Final Answer:
There are 2 bonds (a double bond) between the two atoms of O$_2$.