 Solution

All edge lengths are positive, so run the Dijkstra algorithm from every source $s$, retaining distances $d_s$ and a shortest-path tree of its reachable component. Each run takes $O((|V|+|E|)\log (|V|+1))$ with a binary heap. The following scans after each run use only $O(|E|)$ additional work.

For a directed graph, inspect every closing edge $(u,s)$ and consider $d_s(u)+w(u,s)$ when $u$ is reachable. The tree route from $s$ to $u$ followed by this edge is a closed walk. Every directed cycle supplies one such upper bound by choosing any of its vertices as $s$; the shortest route to its predecessor is no longer than the corresponding cycle segment. Positivity lets any repeated portion be removed, so the smallest candidate is the shortest directed-cycle length.

For an undirected graph, do not combine an edge with the distance between its endpoints indiscriminately: that can count traversal of one bridge out and back as a false cycle. Instead inspect only edges $\{u,v\}$ absent from the current shortest-path tree, with both endpoints reachable, and considerThe two tree routes and this non-tree edge contain a genuine cycle. If they share a prefix, its cost is counted twice, so that cycle is no longer than the candidate. Every candidate is consequently at least the global shortest-cycle length.

To prove equality is attained, take a shortest cycle $C$ and a source $s$ on it. If either cycle edge incident to $s$ is absent from the tree, its candidate uses a shortest route no longer than the rest of $C$, so it is at most the length of $C$. Otherwise both incident edges are in the tree, and their other endpoints lie in different branches below $s$. Along the remaining segment of $C$, some edge crosses between different branches. Such an edge is not a tree edge. The two distances to its endpoints are bounded by the two corresponding, disjoint segments of $C$ from $s$; their sum plus the crossing edge is at most the length of $C$. Thus some candidate is no greater than the optimum, completing the proof.

Return the smallest finite candidate, or report acyclicity if none exists. The total running time is $O((|V{|}^2+|V||E|)\log (|V|+1))$, as required. The ordinary convention is a simple graph; if parallel edges are allowed, track actual edge identities when excluding tree edges, and treat a self-loop as its own cycle rather than discarding it. This is shortest cycle by repeated shortest-path trees.