Josephson weak links made of two-dimensional topological insulators (TIs) exhibit magnetic oscillations of the supercurrent that are reminiscent of those in superconducting quantum interference devices (SQUIDs). We propose a microscopic theory of this effect that goes beyond the approaches based on the standard SQUID theory. For long junctions we find a temperature-driven crossover from Phi_0-periodic SQUID-like oscillations to a 2 Phi_0-quasiperiodic interference pattern with different peaks at even and odd values of the magnetic flux quantum Phi_0=ch/2e. This behavior is absent in short junctions where the main interference signal occurs at zero magnetic field. Both types of interference patterns reveal gapless (protected) Andreev bound states. We show, however, that the usual sawtooth current-flux relationship is profoundly modified by a Doppler-like effect of the shielding current which has been overlooked previously. Our findings may explain recently observed even-odd interference patterns in InAs/GaSb-based TI Josephson junctions and uncover unexplored operation regimes of nano-SQUIDs.
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