It sounds like you're having some issues running a phishing email campaign.
While adding a domain name to a safe sender list can solve the problem of images not displaying, it does pose a security risk, as it may allow forged messages to pass through.
For further security, consider trying the Advanced Threat Protection (ATP) feature in Microsoft Exchange Online.
First, use the Safe Links and Safe Attachments feature. These ATP features can help prevent malicious links and attachments in messages. Safe Links dynamically scans for and blocks malicious URLs, while Safe Attachments checks message attachments for malware.
More information can be found Introducing Office 365 Advanced Threat Protection | Microsoft 365 Blog
In addition, configure an anti-phishing policy. You can set up anti-phishing policies to prevent impersonation-based phishing attacks. This includes enabling mailbox intelligence, anti-spoofing protection, and zero-hour automatic purge (ZAP) to detect and move malicious content to the spam folder.
You can refer to Exchange Online Protection (EOP) overview - Microsoft Defender for Office 365 | Microsoft Learn
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