Did someone moved this old thread to Oracle Linux?
If the OP is still following:
Software collection will give you 5.4 or 5.5:
# yum install oracle-softwarecollection-release-el7
# yum install php55
If you really need 5.6 or later, the below works, but will most likely not be covered by an Oracle support contract.
You should try this only in your sandbox and test it, not a production system.
# yum remove oracle-epel-release-el7
# yum install https://rpms.remirepo.net/enterprise/remi-release-7.rpm
# yum install yum-utils
# yum-config-manager --enable remi-php73
# yum install php56
# php56 -v
PHP 5.6.40 (cli) (built: Jul 30 2019 10:54:12)
Copyright (c) 1997-2016 The PHP Group
Zend Engine v2.6.0, Copyright (c) 1998-2016 Zend Technologies
# yum install php
# php -v
PHP 7.3.8 (cli) (built: Jul 30 2019 09:26:16) ( NTS )
Copyright (c) 1997-2018 The PHP Group
Zend Engine v3.3.8, Copyright (c) 1998-2018 Zend Technologies