If you receive an email you think is suspicious, you can now report it directly from within Outlook. This works for Outlook on Android, iPad, iPhone, Mac, PC, and in webmail. When you report a message it will be analyzed, and if it is malicious the message will be removed from any mailboxes in which it was delivered. Reporting the message will also delete it from your Inbox.

In the ribbon of icons across the top of Outlook, there is a Report Phish button:

Click the Report Phish button and you will see a confirmation appear when the report is sent.