java BlockingQueue does not have a blocking peek?

However, since I do not know if I will be able to process the object successfully, I want to just peek() and not remove the object. I want to remove the object only if I am able to process it successfully.

In general, it is not thread-safe. What if, after you peek() and determine that the object can be processed successfully, but before you take() it to remove and process, another thread takes that object?

You could use a LinkedBlockingDeque and physically remove the item from the queue (using takeLast()) but replace it again at the end of the queue if processing fails using putLast(E e). Meanwhile your "producers" would add elements to the front of the queue using putFirst(E e).

You could always encapsulate this behaviour within your own Queue implementation and provide a blockingPeek() method that performs takeLast() followed by putLast() behind the scenes on the underlying LinkedBlockingDeque. Hence from the calling client's perspective the element is never removed from your queue.