Download latest JDK version for you OS. Install JDK in your local drive.
Update above installed Java path in below mentioned files. So that Weblogic use those java version
Update (Middleware)\user_projects\domains(DomainName)\bin\setDomainEnv.cmd (Windows)
Update (Middleware)\user_projects\domains(DomainName)\bin\setDomainEnv.sh (*nix)
set SUN_JAVA_HOME= JDK 1.7 path (e.g C:\Program Files\Java\jdk1.7.0_79)
or
set JAVA_HOME= JDK 1.7 path (e.g C:\Program Files\Java\jdk1.7.0_79) if windows in environment variables.