A storage account must be reachable from your virtual network and nowhere else, addressed by a private IP from your own address space so that on-premises staff reach it through the existing VPN. What do you configure?

Microsoft Certified: Azure Fundamentals (AZ-900), objective architecture-and-services. Azure architecture and services medium

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The options

Correct A private endpoint for the storage account

Correct. A private endpoint places a network interface with a private IP from your subnet in front of the service, so it is addressed inside your network, reachable over VPN or ExpressRoute, and its public access can be switched off entirely.

Not correct Keep the public endpoint and add a firewall rule permitting only your virtual network

Wrong for the requirement as stated. Restricting the public endpoint does narrow who may use it, but the resource is still reached at its public name and address — the private IP in your own space is precisely what this does not give you.

Not correct Peer the virtual network with the storage account

Wrong. Peering joins two virtual networks. A storage account is a platform service, not a network, so there is nothing to peer with.

Not correct Deploy the storage account into the subnet the way you would deploy a virtual machine

Wrong. Platform services are not placed into your subnet like a virtual machine; the private endpoint is the mechanism that gives them a presence in it.

Why

Every platform service starts with a public endpoint: a public address and a public name that anyone on the internet can at least attempt to reach, with authentication and firewall rules deciding who succeeds. A private endpoint changes the address itself, projecting the service into your subnet on a private IP so that traffic never needs the internet. A firewall rule changes who may use the public door; a private endpoint installs a different door.

Where this comes from

Cited
Microsoft AZ-900 study guide skill area architecture-and-services.compute-and-networking

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