Activate the yeast: In a small bowl, pour in the yeast. Gently pour the warm water over the yeast and allow it bloom for 5 minutes.
Make the dough: In a standing mixer fit with the paddle attachment on low speed, mix together the bread flour, rye flour, salt, yeast, water, caraway seeds, vegetable oil, and molasses until combined, about 2 minutes. Switch from the paddle attachment to the dough hook, and knead on medium-low speed until the dough is smooth and tacky, about 10 minutes.
Form the dough: Place dough on a clean surface and press into an 8-inch circle. Using your hands, stretch and fold the dough up and over itself from all sides into the center, crimping it where the folded ends meet, to form it into a tight round ball that is smooth on the bottom.
First rise: Lightly oil a bowl that is twice the size of the dough, and set the dough into the bowl, seam side down. Tightly cover with plastic wrap. Set aside in a warm area until doubled in size, about 1 1/2 hours.