You can expect gas prices to remain elevated. Here's how to save

Consumers have been paying steep prices at the pump for months amid conflict in the Middle East, which triggered an oil supply crisis and pushed gas prices to a four-year high of $4.56 per gallon in late May.

But gas prices have eased in recent days, with the national average falling to $3.99 per gallon on Thursday, just days after the U.S. and Iran reached a tentative peace agreement that would reopen the Strait of Hormuz and allow oil tankers to move freely through the critical shipping route.

With tensions easing and oil flowing more freely, the big question for drivers is: How much lower will gas prices go and how soon? It's hard to predict exactly when rates will go down to pre-conflict levels. For context, a gallon of gas averaged $2.98 on Feb. 26, two days before the conflict began, so there's still a long way to go.

Experts predict that after months of disruptions, it could take time for the oil industry to rebuild supply chains and restore production, meaning gas prices may not return to their winter levels anytime soon.

Patrick De Haan, head of petroleum analysis at GasBuddy, suggests that the average cost-per-gallon could fall to below $3.75 by July 4 if all goes well, he wrote in an X post on June 14.

"But hurricane season could be a major wildcard for the rest of summer- tight global inventories mean it will take months or beyond to fully restore global oil inventories," he added in the post.

Even if sub-$3 gas remains out of reach for now, there are still ways to lower your fuel costs immediately.

Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.

CarShield offers seven warranties, including bumper-to-bumper, powertrain, electrical systems, motorcycles and EVs. Contracts are administered by American Auto Shield.

Six tiers of coverage with no mileage restrictions. Benefits include coverage for tire and windshield (from road hazards), key fob replacement, roadside assistance and 30-day cancellation policy. Advantage plan covers maintenance, which is typically excluded.

Take advantage of memberships you already have — or would benefit from getting — that give you discounts on gas.

Walmart+ provides members with 10 cents off per gallon at any Walmart, Exxon, Mobil and Murphy gas stations; you also get member prices on gas at Sam's Club. The monthly membership costs $12.95 per month (or $98 for the year). With its 30-day trial, you can cash in on gas benefits for just $1.

Members also access free grocery delivery, tire repair, pet care and streaming subscriptions, as well as up to 10% Walmart Cash for Travel, if looking for additional ways to benefit.

Similarly, Amazon Prime also offers its members 10 cents off per gallon. Members score free shipping and other perks when signing up. A Prime Membership is $14.99 per month or $139 per year.

If you're a wholesale club member, you're in luck.

Stores like Costco, BJ's and Sam's Club are known for offering below-average gas prices, so stopping by to fill up can save you money.

Their store-branded credit cards provide elevated gas discounts, too. For example, Costco members with the no-annual-fee Costco Anywhere Visa® Card by Citi get 5% back on gas pumped at Costco and 4% at other qualifying gas stations.

The Costco Anywhere Visa® Card by Citi is a valuable card to pair with a Costco membership, but the rewards program is more restrictive than what you get with a typical cash-back card.

Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.

Finally, opening certain credit cards can help you save.

The Blue Cash Preferred® Card from American Express ranks as a top gas rewards card since cardholders earn 3% cash back on gas at U.S. gas stations, as well as cash back on groceries, streaming and transit.

The Blue Cash Preferred offers up to $120 in Disney streaming credits every year when you enroll your eligible Card (Subject to auto-renewal). Terms apply.

$0 intro annual fee for the first year, then $95.

You may be eligible for as high as $300 cash back

See rates and fees, terms apply. Read our Blue Cash Preferred® Card from American Express review.

The Blue Cash Preferred® Card from American Express is a low-fee card with generous cash-back rewards and useful ongoing benefits, such as a monthly Disney Bundle credit. (Enrollment required for select benefits mentioned)

Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.

Either $5 or 3% of the amount of each transfer, whichever is greater.

2.7% of each transaction after conversion to US dollars

Otherwise, with the Chase Sapphire Preferred (see rates and fees), you score 3X points on gas purchases and a welcome bonus: earn 75,000 points when you spend $5,000 in the first three months.

With Points Boost, your rewards will be worth up to 1.5X on thousands of top-booked hotels and flights from select airlines through Chase TravelSM.

See rates and fees. Terms apply. Member FDIC.

Read our Chase Sapphire Preferred® Card review.

The Chase Sapphire Preferred® Card packs a punch for a $95 annual fee card, offering annual travel credits, comprehensive travel protections, flexible rewards and more.

Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.

Either $5 or 5% of the amount of each transfer, whichever is greater

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For rates and fees of the Blue Cash Preferred® Card from American Express, click here.

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