Block storage is the most suitable for high-performance applications like databases that require a high rate of random read/write operations. Block storage operates by providing each virtual machine with its own block of storage, behaving similarly to a traditional hard drive. It's the go-to storage type for situations requiring high IOPS, like databases. File storage, on the other hand, is accessed over a network and is more suitable for file sharing and document storage. Object storage is highly scalable and suitable for unstructured data such as photos, videos, and backups. Local storage does not offer the scalability and elasticity typically required for cloud environments and is often used for data that needs to be accessed quickly on the local machine but isn't suited for high-performance databases.