We study the impact of explicitly including hysteresis effects (HEs) for relative permeabilities in numerical simulations of enhanced oil recovery approaches grounded on the application of Water Alternate Gas (WAG) injection protocols. Our work explores the significance of hysteresis exhibited by the relative permeability of the non-wetting and/or intermediate wetting phases on the results of reservoir simulations performed within a black-oil modeling approach. We consider four diverse strategies that can be employed to model relative permeabilities of fluid phases under WAG scenarios implemented in a water-wet system following primary waterflooding. The effects of all these modeling strategies are assessed in terms of field oil efficiency (FOE) and gas oil ratio (FGOR) evaluated at the total production lifetime of the reservoir, as compared against a base case where only waterflooding is applied to promote oil recovery. Two of these strategies are implemented and used in typical commercial black-oil reservoir simulators and either neglect hysteresis or consider it only for the gas phase. We then examine a procedure where only hysteresis for relative permeability of the oil phase is considered. Finally, we explicitly consider hysteresis of both non- and intermediate-wetting phases. Our results generally show that including HEs yields an increased FOE and a decreased FGOR. This is consistent with the observation that when injection well controls are set at an optimum value, a non-negligible portion of the domain is associated with saturation paths corresponding to three-phase flow conditions, where saturation history can play a significant role. As compared against a base case where waterflooding is considered as the sole strategy for oil recovery, including hysteresis on three-phase relative permeabilities in the numerical simulations of WAG promotes an increased net present value. We also analyze the impact on reservoir simulation responses of the main WAG injection parameters, i.e., (i) injection rate of gas and water, and duration of (ii) WAG cycles, and (iii) primary waterflooding.