The national average price for a gallon of regular gasoline has dipped below the $4 mark for the first time since late March, offering drivers some modest relief after months of elevated fuel costs, CNN reports.

According to AAA, the nationwide average fell to $3.999 per gallon Thursday, down about three cents from the previous day.

Data from GasBuddy showed the national average had already slipped to roughly $3.98 per gallon earlier this week.

Nearly 30 states are now reporting average prices below $4, with Indiana posting one of the nation's lowest averages at approximately $3.40 per gallon.

The decline follows signs of easing tensions in the Middle East after Iran and the United States reached an agreement aimed at ending the conflict that disrupted global energy markets.

Fighting earlier this year led to the closure of the Strait of Hormuz, a vital shipping lane through which roughly one-fifth of the world's oil supply normally passes.

The disruption pushed crude oil and gasoline prices sharply higher.

Pump prices have been moving steadily lower since reaching a national average of about $4.56 per gallon in late May, as traders anticipated that oil shipments through the strait would eventually resume.

Even so, energy analysts caution that gasoline prices are unlikely to return to the roughly $3-per-gallon levels seen before the conflict anytime soon.

Restoring global oil supplies will take time. Tanker traffic through the Strait of Hormuz is expected to recover gradually over the coming months.

Regional production and refining facilities are also continuing to ramp back up after wartime disruptions and damage. Rebuilding inventories could take even longer.

Although the United States is one of the world's largest oil producers, gasoline prices remain heavily influenced by global crude markets.

As a result, any interruption in international oil supplies continues to affect prices paid by American consumers.

Industry analysts also note that retail gasoline prices typically fall more slowly than they rise.

Many station operators absorbed part of the earlier surge in wholesale fuel costs to remain competitive and may now be recovering those thinner profit margins as wholesale prices ease.

Despite the recent decline, fuel costs remain significantly higher than they were before the conflict began.

Some analysts warn that prices could move higher again later this summer if seasonal driving demand strengthens or if global crude supplies remain tight.

For now, motorists are seeing welcome relief at the pump.

However, energy experts say the era of sub-$3 gasoline is unlikely to return in the near future.