Israel and Hamas have reached a ceasefire and hostage release agreement to halt more than a year of fighting in the Gaza Strip, President Biden and Qatar's prime minister announced separately on Wednesday.

Three-phased deal will start with the release of 33 hostages held by Hamas since Oct. 7, 2023. If fully implemented, the agreement will see the withdrawal of Israeli troops from the Palestinian enclave.

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.