That is the difference between the comparative form of the adjective "old" (older, elder) and the superlative form of the adjective ( the oldest, the eldest).
The comparative form is comparing 2 subjects ,where the first subject has relatively more of the quality ,the subject of comparison ,than the second subejct.
"He is older than his brother"
The superlative form is considering a subject the optimal,when it comes to possessing the qualities of a certain adjective.
"The is the oldest man among his friends."
"Elder" could mean a senior member, higher in rank or position and also born earlier ( compare with older here).
'He is the eldest among his brothers." ( born first)
'He is elder than his brother Balashov,but younger than his sister Natalie.