Preheat the oven to 350˚F (175˚C). Spray an 8-inch round cake pan with baking spray, rub inside surface of the pan with a paper towel to cover evenly with the spray. Line the bottom of the pan with parchment paper and spray the parchment paper lightly. Set aside.

In a large bowl, combine the yogurt, sugar, eggs, vanilla extract, and almond extract. Whisk until well blended.

Add the baking powder and salt. Whisk to combine, then add the flour and whisk again just until all of the flour is blended in.

Add the oil and stir well until smooth; it may appear to separate initially.

Pour the batter into the prepared pan.

Bake for 30-40 minutes, until the cake feels springy to the touch and a toothpick or cake tester inserted into the center comes out clean. Be careful not to overbake.

While the cake cools slightly, prepare the glaze.

Combine the sugar, butter, water, vanilla extract, and almond extract in a small saucepan. Cook over medium heat, stirring frequently until the butter is melted and the sugar has dissolved. Do not bring to a boil.

Using a pastry brush, slowly brush the glaze all over the top of the cake, using about a quarter of the mixture.

Flip the cake out onto a cooling rack that has been set on top of a sheet of parchment paper or foil. The bottom of the cake will now be the top.

Brush the remaining glaze over the top and sides of the cake until all the glaze is used. Allow the cake to cool for at least 30 minutes before serving. Sprinkle with powdered sugar if desired before serving.