Preheat oven to 325 degrees F. Oil and flour a large bundt pan and set aside.

Mix all remaining cake ingredients together in a mixing bowl until combined, about 2 minutes. Pour batter into prepared pan. Bake for 50 to 60 minutes. Let cake cool.

While cake is cooling, make glaze: melt butter in a small saucepan. Stir in hot water and sugar and bring to a boil while stirring constantly. Boil for 5 minutes while still stirring constantly. Remove from heat and stir in rum.

Poke holes in cake and drizzle half of the glaze over the cake. Invert onto a serving plate and then drizzle the rest of the glaze over the top and sides of the cake. Serve.