The deal, mediated by the United States, offered a glimmer of hope in a conflict that has taken an immense human toll.

Israel and Hamas have agreed to a cease-fire deal that will pause fighting in Gaza for six weeks and lead to the release of hostages and Palestinian prisoners, President Joe Biden said Wednesday afternoon,

Israel and Hamas have agreed a Gaza ceasefire and hostage deal following meetings with Qatar's prime minister, a source briefed on the talks has told the BBC. There was no confirmation from the Israeli government or Hamas, but a Hamas official earlier told the BBC it had approved a draft from Qatari, US and Egyptian mediators.

A ceasefire in the war in Gaza should be positive for Israel's under-pressure credit rating, Fitch's top sovereign rating analyst said on Thursday.

An agreement offers Gazans at least some respite, and for Israelis it means the release of hostages. But the deal’s ambiguity leaves open the possibility that fighting could resume within weeks.

After intense negotiations, Israel and Hamas have reached a deal that would see a ceasefire and the exchange of hostages in Gaza for Palestinian prisoners.

Months of tedious talks over a ceasefire and hostage deal in Gaza – negotiations that required officials from an outgoing and incoming presidential administration to put aside their fundamental differences – culminated in an intense late-night push for an agreement that finally came to fruition on Wednesday.

The ceasefire in Gaza represents a "great victory" for the Palestinian resistance, Iran's Revolutionary Guards said on Thursday, warning against any possible breach by Israel. Palestinian armed group Hamas and Israel reached a deal for a ceasefire in Gaza that mediators said would take effect on Sunday.