Preheat your oven to 325°F (163°C). Grease and line three 8-inch (20cm) round cake pans with parchment paper.
In a stand mixer fitted with a paddle attachment, cream the butter, sugar, and oil together until light and fluffy. While mixing, chop the cherries and set aside.
Add the eggs one at a time, beating well after each addition.
In a medium bowl, whisk together the flour, baking powder, and salt.
Gradually add the dry ingredients to the wet ingredients, alternating with the buttermilk. Start and end with the dry ingredients, mixing until just combined. Finish by adding the cherries and cherry juice, mix until thorough incorporated, about 60 seconds.
Divide the batter evenly among the prepared cake pans and smooth the tops.
Bake in the preheated oven for 30-35 minutes, or until a toothpick inserted into the center comes out clean. Cool the cakes in the pans for 10 minutes, then transfer to a wire rack to cool completely.
Notes
Preheat oven for 20 minutes before baking, this ensures even heat distribution so your cakes will rise evenly. Toss chopped cherries in one tablespoon of flour to cut down on moisture from cherries.