SharePoint file links are not working

Could you please check if any sharing policies have recently been implemented or changed in your tenant? Also, can you test whether the same issue occurs on other SharePoint sites or document libraries?

Ideally, the Copy or Sharing Link option should work. The main difference is that it generates a sharing URL with additional query parameters (such as d= and e=), whereas the link from the Details pane is a direct file path. Since the direct path works consistently, the issue may be related to sharing link generation or sharing permissions rather than the files themselves.