Soft x-ray spectroscopy is used to investigate the strain dependence of the metal-insulator transition of VO2. Changes in the strength of the V 3d - O 2p hybridization are observed across the transition, and are linked to the structural distortion. Furthermore, although the V-V dimerization is well-described by dynamical mean-field theory, the V-O hybridization is found to have an unexpectedly strong dependence on strain that is not predicted by band theory, emphasizing the relevance of the O ion to the physics of VO2.