1) PERFORMANCE TIER
The Standard tier allows for further selecting a Hot or Cool access tier to get the option that is best for you in terms of storage cost.
Here you can get the basic description of the differences between the different performance tiers: https://azure.microsoft.com/en-us/prici ... age/blobs/
2) STORAGE ACCOUNT TYPE
GPv2 is the recommended type. GPv1 is already a legacy type.
3) ACCESS TIER
Hot has higher storage costs, but lower access costs. In terms of backup, it means that you pay more for storing your backups and less for backup operations (read/create/etc).
Cool is the opposite - it provides cheaper storage, but more expensive access operations.
Here's more on this: https://docs.microsoft.com/en-us/azure/ ... s-overview