Israel and Hamas have reached a landmark deal to cease hostilities in Gaza and facilitate the exchange of Israeli hostages for Palestinian prisoners, an official briefed on the negotiations revealed to Reuters on Wednesday. This agreement, brokered by Egyptian and Qatari mediators with the support of the United States, paves the way for a potential end to the 15-month conflict that has dramatically altered the Middle Eastern landscape.

The deal comes after months of intermittent negotiations and just days before the January 20 inauguration of U.S. President-elect Donald Trump. The hostilities began on October 7, 2023, when Hamas-led gunmen breached Israeli security barriers, stormed Israeli communities, killed 1,200 soldiers and civilians, and took more than 250 hostages, both foreign and Israeli.

The ongoing Israeli military campaign in Gaza has resulted in significant casualties, with more than 46,000 deaths reported by the Gaza Health Ministry. The conflict has devastated the Gaza Strip, leaving it in ruins, with hundreds of thousands of people enduring the harsh winter in temporary shelters and tents.

As Trump’s inauguration neared, he reiterated his demand for a swift resolution, threatening “hell to pay” if the hostages were not released. His Middle East envoy, Steve Witkoff, worked closely with President Joe Biden’s administration to help bring the deal to fruition.

The return of hostages may also help alleviate some public discontent in Israel, where Prime Minister Benjamin Netanyahu’s right-wing government has faced sharp criticism for the security failure on October 7, which resulted in the deadliest day in Israeli history.

The conflict has had broader regional implications, with Iran-backed militant groups in Lebanon, Iraq, and Yemen launching attacks against Israel in solidarity with Palestinians. However, Israel’s efforts to target and eliminate key Hamas and Hezbollah leaders have shifted the balance of power in its favor.