Managing personal Outlook.com account settings, security, and privacy
Other users are reporting the same issue, which could be a server-side error. There is currently an Exchange error, and multiple users are also reporting Outlook outages.
https://status.cloud.microsoft/
You can click on "customers can reference https://www.twitter.com/MSFT365Status for additional insights into widespread, active incidents."
Or access the direct link;
https://x.com/MSFT365Status/status/2094455556454920701
The link above is not an official Microsoft site; however, it is related to the post on the official X page reporting the outage.