Ending a 15-month-long war, Israel and Hamas have reached a landmark agreement for a ceasefire in Gaza as well as exchanging of Israeli hostages for Palestinian prisoners.

This agreement comes after months of intense negotiations carried out by Egyptian and Qatari mediators, with the support of the United States.

The deal gains significance particularly just ahead of the January 20 inauguration of U.S. President-elect Donald Trump.

The overall toll in the Israel-Hamas war is more than 46,000 with hundreds of thousands getting displaced and struggling to survive in makeshift shelters.

US President-elect Donald Trump had been vocal about his desire to resolve the crisis at the earliest and warned of severe consequences if the hostages were not released.

His Middle East envoy, Steve Witkoff, worked closely with President Joe Biden's team to facilitate the deal.

In Israel, the return of the hostages is expected to ease public anger against Prime Minister Benjamin Netanyahu and his government, who have faced severe criticism for the October 7 security failure that led to the deadliest single day in Israel's history.

The agreement marks a significant shift in the dynamics of the conflict, coming after Israel's successful assassinations of top Hamas and Hezbollah leaders.