Heat oven to 350°F. Grease and line a 9" x 5" loaf pan with parchment paper; set aside.
In the bowl of a stand mixer fitted with paddle attachment, beat olive oil and sugar on medium speed until fully combined.
Mix eggs in one at a time. Once the final egg has been added, increase speed to medium-high and beat until batter is airy and fluffy, about 5 minutes.
Sift baking powder, salt, and 1 cup (120g) flour into wet ingredients. Mix on low speed just until combined.
Add milk, then mix on low just until combined.
Sift in remaining 1 cup (120g) flour. Mix on low until almost fully combined. Gently mix in those last few hidden pockets of flour with a silicone spatula.
Pour batter into prepared pan, smoothing the top with an offset spatula or back of a spoon.
Bake for 45–55 minutes. Cake is done when a wooden pick inserted in the centre comes out clean with only a few fluffy crumbs attached.
Transfer pan to wire rack. Allow cake to cool completely.
Remove cake from pan by pulling up on the parchment paper. Slice with a serrated knife or a sharp chef’s knife. Serve with tomato jam and sour cream.
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