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Short answer: no.
Red Hat does not support in-place upgrades between any major versions of Red Hat Enterprise Linux. In-place upgrades across major releases do not preserve all system settings, services or custom configurations. Consequently, Red Hat strongly recommends fresh installations when upgrading from one major version to another.
You need to check your application prerequisites and requirements and also need to check your hardware to verify it is still sufficient and has all required firmware updates to support a much newer operating system.
You have far too many upgrade variables, prerequisites and application requirements. I think you're only feasible option is to install Oracle Linux from scratch and copy/migrate the application to a new machine.