Position a rack in the middle of the oven, remove anyracks above, and crank up the heat to 350°F (175°C). Coat a 12-cup Bundt or tube pan with 1 tbs. blood orange extra virgin olive oil and set aside.
Finely grate the zest of 2 oranges, and squeeze 4 of them. You should have 1 1/2 cups and 1 reserved tablespoon of orange juice of juice; if not, squeeze the 5th orange. Set aside.
Whisk together the flour, baking powder, and salt in a large bowl and set aside.
In the bowl of a stand mixer fitted with a paddle attachment, or with a hand held mixer in a large bowl, beat the eggs on medium-high speed until well combined, about 1 minute. Slowly pour in the granulated sugar and continue beating until thick and pale yellow, about 3 minutes. On low speed, alternate adding the flour mixture and blood orange extra virgin olive oil, starting and ending with the flour, and beat until just a few wisps of flour remain. Pour in the orange juice, zest and dried cranberries and whirl for a few seconds to bring the batter together.
Pour the batter into the prepared pan and bake until a cake tester comes out with a few moist crumbs clinging to it, about 1 1/4 hours. If the top is browning too much as the cake bakes, cover lightly with foil. Transfer to a wire rack and cool for 15 minutes and then turn the cake out on to a rack over a sheet pan. Mix together 1 tablespoon reserved orange juice with confectioners’ sugar to form a glaze. Pour slowly and evenly over the warm cake. Serve warm.