This issue has been resolved.
Microsoft is experiencing issues due to which the users may be unable to access multiple Microsoft 365 services including Outlook.com and Microsoft Teams.
Additionally, Power Platform and Dynamics365 properties are affected by this incident.
Status: Microsoft has identified that reverting the recent change did not alleviate impact to Microsoft services as expected. They are working to explore additional options for mitigation.
Reference - https://status.office.com/