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

Israeli Prime Minister Benjamin Netanyahu’s office alleged that Hamas had backed out on parts of a Gaza ceasefire and hostage deal agreed Wednesday, potentially delaying a truce between the two sides that was set to go into effect on Sunday—a day before President-elect Donald Trump takes office.

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.

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.

Hope and mourning are among the mix of emotions brought on by the news of a ceasefire deal between Hamas and Israel. In the first phase of the deal – which is set to begin on Sunday – Hamas and Israel agreed to halt fighting in Gaza and to the release of Israeli hostages and Palestinians prisoners.