We perform a density functional theory study of the effects of oxygen adsorption on the structural and electronic properties of Gr/Co(0001) and Gr/Co/Ir(111) interfaces. In both interfaces, the graphene-Co distance increases with increasing O concentration. The oxygen intercalation effectively decreases the electronic interaction, preventing the hybridization of graphene states with Co $d$-orbitals, hence (partly) restoring the typical Dirac cone of pristine graphene. In the case of graphene/Co 1ML/Ir(111), which presents a moiré pattern, the interplay between the O distribution and the continuous change of the graphene-Co registry can be used to tune graphene corrugation and electronic properties. The computed electronic properties are in very good agreement with previously reported angle resolved photoemission spectroscopy and photoemission electron microscopy measurements for Gr/Co(0001).