Make the cake: Preheat the oven to 325 degrees F. Brush a 10- to 12-cup Bundt pan with olive oil; dust with flour and tap out the excess. Whisk the all-purpose flour, almond flour, baking powder and salt in a medium bowl; set aside.
Combine the granulated sugar and eggs in a large bowl; beat with a mixer on medium-high speed until thick and pale yellow, about 3 minutes. Reduce the mixer speed to medium and slowly beat in the olive oil until the batter is smooth. Beat in the vanilla and almond extracts. Reduce the mixer speed to low; beat in the flour mixture in two additions, alternating with the almond milk, until just combined.
Pour the batter into the prepared pan and smooth the top. Bake until a toothpick inserted into the middle comes out with a few moist crumbs, 50 to 60 minutes. Transfer to a rack and let cool 15 minutes in the pan. Loosen with an offset spatula, then invert onto the rack to cool completely.
Make the glaze: Whisk the confectioners' sugar and 2 tablespoons milk in a bowl until smooth; stir in the remaining 1 tablespoon milk if the glaze is too thick. Spoon the glaze over the cake, letting it drip down the sides. Sprinkle with pomegranate seeds and chopped almonds. Let the glaze set, about 20 minutes.
Photograph by Ben Goldstein