In a mixing bowl, combine warm water, sugar, and yeast. Let it sit for 10 minutes until frothy.
Add olive oil, flour, and salt to the yeast mixture. Knead until you get a smooth dough.
Cover the dough and let it rise for 1 hour or until doubled in size.
Preheat the oven to 200°C (390°F). Divide the dough into 8 equal pieces and roll each piece into a rope. Form each rope into a ring and pinch the ends together.
Dip each ring into the diluted molasses, then coat with sesame seeds.
Place the rings on a baking sheet and bake for 20 minutes or until golden brown.