I'll assume you're running PHP on apache1.3.x/Unix. If not, then this may or may not apply.
Under apache, you can limit the maximum number of children it can spawn.
If you then limit the number of connections you make to one per script in PHP, then the max number of connections you'll be using will be the max number of apache children you can spawn.
also, don't use persistant connects. they tend to cause as many problems as they solve, and should only ever be used when it is clear that THEY are the answer to a particular problem, and the machines running apache and oracle have LOTS of memory.