Gasoline prices across the United States dropped below $4 per gallon on Thursday, marking the first time in nearly three months. This decline follows a surge driven by rising global oil prices due to the conflict in Iran.

According to AAA, the national average price for a gallon of regular gasoline reached $3.99, the lowest point since March 30. Although prices remain more than a dollar higher than before the war began, they have eased in recent weeks as crude oil costs fell amid hopes for a preliminary agreement between the U.S. and Iran to resolve the conflict.

A memorandum of understanding between the two nations to conclude the war has led to the reopening of the Strait of Hormuz, a critical route for one-fifth of the world's oil supply. The waterway had been largely shut since the war's start on Feb. 28, which pushed up oil and gas prices.

Following the formal signing of the agreement by Mr. Trump on Wednesday, additional vessels have started passing through the strait, including at least 10 commercial ships.

Brent crude oil, the global benchmark, decreased by 1.4 percent on Thursday to $78.46 per barrel. Meanwhile, West Texas Intermediate, the U.S. standard, fell 2.2 percent to $75.10 per barrel.

Will gas prices keep dropping?

Patrick De Haan, a petroleum analyst at GasBuddy, noted in a recent report that the national average for gasoline may continue to decrease, as long as there is no major setback and progress continues between the U.S. and Iran.

He projects that regular gas prices could drop below $3 per gallon by the end of this year or early 2027, based on developments in the Middle East.

"One note that could improve the timeline is that Iran is allowed to sell oil on markets again, which could speed up the recovery for global oil inventories," he told CBS News in an email.