Celebrations in the streets of Israel and Gaza, with reports of ceasefire being reached. 

More than 46-thousand people have been killed in the region and nearly two million people have been displaced since the conflict began in October. 

BBC reports the first phase of the deal will see a six-week ceasefire and 33 of the hostages held by Hamas exchanged for hundreds Palestinian prisoners. 

Foreign Affairs Correspondent Paul Wood told Tim Beveridge it's essentially the same deal that's been offered since May. 

He says both sides are to blame to some extent for extending the deal, but it was largely Israel's Prime Minister prioritising destroying Hamas over getting the hostages home. 

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