Preheat the oven to 350°F (175°C) with a rack placed in the center. Lightly grease a 9-inch (23-cm) springform pan with oil, then line the bottom with parchment paper and grease that too. Dust insides of the pan with flour and set aside.
Make batter: Combine oil, orange blossom water, rum, salt, sugar, yogurt and milk in a large bowl. Whisk until the ingredients come together. In a separate bowl, mix flour with baking powder and baking soda. Lightly whisk the flour mixture into the wet ingredients, be careful not the over mix. Scrape the batter into the prepared pan in an even layer. Top with peach wedges. Sprinkle with Demerara.
Bake in the middle of the oven for 40 minutes or until the top of the cake is golden and a cake tester inserted into the cake comes out clean.
Remove cake from the oven and allow to cool for 10 minutes. Run a thin spatula along the sides of the cake, then remove the sides of the pan to release the cake.
Brush the top of the cake with jam and allow to cool completely before serving. Keep leftover cake covered (I like parchment or sandwich paper) at room temperature for up to 2 days or in the refrigerator for up to 3-4 days.