Preheat and Prep: Set the oven to 350°F. Spray a 9×5 loaf pan with baking spray and place it on a baking sheet.
Mix the wet stuff: In a large bowl, whisk together the sugar, milk, oil, egg, vanilla, and almond extract until it's smooth and slightly glossy. The oil and egg should be fully incorporated.
Whisk the dry stuff: In a separate bowl, whisk the flour, baking powder, and salt together. This ensures the baking powder is evenly distributed so you don't get one lopsided rise.
Combine gently: Gradually add the dry ingredients into the wet. Stir gently with a spatula or whisk just until the streaks of flour disappear. Overmixing here will make the cake tough. Lumps are your friend.
Fold in the cherries: Add the halved maraschino cherries to the batter. Use a rubber spatula to fold them in gently. Take your time here—you want them evenly distributed without crushing them into mush.
Bake it: Pour the batter into the prepared pan and smooth the top. Bake for 55–60 minutes, or until a toothpick inserted in the center comes out clean or with just a few moist crumbs. At around the 50-minute mark, check the top. If it's browning too fast, tent it loosely with foil.
Cool it right: Let the loaf cool in the pan for 20 minutes. This step is important—it lets the structure set. Then, transfer it to a wire rack to cool completely. If you try to glaze it while it's still warm, the glaze will melt into a sad puddle.
Make the glaze: In a medium bowl, whisk together the powdered sugar, melted butter, almond extract, vanilla, and cherry juice. It should be thick but pourable. Add a splash more juice if it's too thick.
Glaze and set: Pour the glaze evenly over the cooled loaf. Let it set for about 10 minutes before slicing and serving so it firms up slightly.