@Somnath Shukla
Since the source and destination reside in the same region the traffic will likely not leave the Microsoft network. I tested your scenario and found that with tcp traceroute to blob endpoint showed only one hop. However in order to improve security and ensure this is always the case I recommend creating a private endpoint or granting access from the a virtual network. The private endpoint uses an IP address from the VNet address space for your storage account service. Network traffic between the clients on the VNet and the storage account traverses over the VNet and a private link on the Microsoft backbone network, eliminating exposure from the public internet.
I would recommend reading the documentation here for more information on how to best route traffic between services.
Hope this helps. Let us know if you have further questions or issues.
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