Preheat the oven to 350°F. Grease and flour a 10 to 12 cup-capacity bundt pan and set aside.
In a large bowl, whisk together the flour, spices, salt, baking powder, and baking soda. Set aside.
Using a stand or hand mixer, beat together the butter, brown sugar, and white sugar until fluffy, 2 to 3 minutes. Add the oil and mix to combine.
Add the eggs, one at a time, allowing the first to incorporate before adding the next. Add the vanilla and molasses and mix until combined.
Stop the mixer and scrape down the sides and bottom of the bowl. Add half of the flour mixture and mix on low speed until incorporated. Slowly add the water and mix until combined. Add the remaining flour mixture and mix until smooth.
Pour the batter into the prepared pan. Bake for 55 to 65 minutes, or until a wooden skewer or cake tester instead into the center of the cake comes out clean.
Set a time for 20 minutes. When the time goes off and the cake pan is just warm enough to handle (use oven mitts if the pan is still too hot), invert the cake out of the pan. To release the cake, place a cooling rack or cutting board on top of the cake, then flip everything upside-down. Allow the cake to cool before adding the glaze.Do not let the cake cool in the pan or it will be very tricky to get out.