Preheat your oven to 325°F (163°C). Prepare ingredients to reach room temperature.

In a stand mixer, cream the butter and sugar for about 5 minutes until light and fluffy. Add vegetable oil and mix well.

Add eggs one at a time, mixing well after each addition. Then mix in vanilla extract and rum extract.

In a separate bowl, whisk together cake flour, baking powder, and nutmeg.

Gradually fold the dry mixture into the wet batter, alternating with the eggnog until combined.

Prepare a Bundt pan by greasing it well. Pour the batter into the pan, tapping it to eliminate air bubbles.

Bake for 80 to 90 minutes, or until a toothpick comes out clean and the center reaches 210°F (99°C).

Let the cake cool in the pan for about 10 minutes before transferring it to a wire rack.

To make the glaze, whisk together powdered sugar and eggnog until smooth. Drizzle over the cooled cake.

Garnish with fresh nutmeg or sparkling sugar before serving. Enjoy!