I commented the code and added some print statements to help you understand how it works.
Age = {45:3, 50:2, 25:1, 10:5, 15:10}
Oldest = 0 ## Initialize oldest with the minimum number
print('Initial Oldest Value: ', Oldest)
for MaxAge in Age: ## Iterating Age
## If age at current index is greater than oldest (which is 0 for first iteration)
if MaxAge>Oldest:
## Update oldest with current age
print('MaxAge: ', MaxAge, ' > Oldest: ', Oldest)
Oldest = MaxAge
print('New Oldest Value: ', Oldest)
print('-'*10)
print('Final Oldest Value: ', Oldest)
Output
Initial Oldest Value: 0
MaxAge: 25 > Oldest: 0
New Oldest Value: 25
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MaxAge: 50 > Oldest: 25
New Oldest Value: 50
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Final Oldest Value: 50