Jerusalem, Israel – Israel and Hamas have agreed on a ceasefire after days of fighting that has seen some 230 Palestinians killed in Israeli air raids and 12 people in Israel killed by rocket fire from Gaza.

Palestinians in Gaza and the West Bank celebrated as news broke that the deadly air strikes and bombing would stop, at least for now.

A spokesperson for Israeli Prime Minister Benjamin Netanyahu confirmed on Thursday that the country's Cabinet had approved a unilateral ceasefire without preconditions.

Hamas, the Palestinian organization that controls the Gaza Strip, said shortly after that the ceasefire is "mutual."

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Taher al-Nuno, an advisor to Hamas chief Ismail Haniyeh, said it would come into force at 2:00 AM on Friday, echoing earlier Israeli media reports on the start time.

He said the Palestinians' "armed resistance" will honor the ceasefire so long as it is upheld by the Israeli side.

An Egyptian security source confirmed it had mediated a mutual and simultaneous ceasefire.

Egyptian President Abdel-Fattah al-Sissi has directed two security teams to travel to Tel Aviv and the Palestinian Territories to help ensure the ceasefire holds, Egyptian state television reported without giving further details.

An Egyptian security source had earlier said Cairo would guarantee a coming ceasefire.

"Egypt guarantees stopping the launch of rockets from Gaza after Israel’s announcement of stopping fire from its side," the source said.

The two sides have been under increasing international pressure to declare an end to fighting.

However, Israeli Prime Minister Benjamin Netanyahu said the reality on the ground will determine whether fighting continues. If the Palestinians continue with rocket attacks, the ceasefire will be lifted immediately, he warned.

US President Joe Biden said the ceasefire offers a "genuine opportunity" to make progress towards lasting peace in the Middle East.

He said the US, the UN, and other partners stand ready to help the Palestinian Authority with humanitarian aid and reconstruction assistance, in comments at the White House.

UN Secretary General Antonio Guterres welcomed the ceasefire and called on all sides to observe it.

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In nearly two weeks of fighting, some 230 Palestinians have been killed in Israeli air raids and 12 people in Israel have been killed by rocket fire from Gaza.

Israeli forces and Gaza Strip militants began firing missiles back and forth on May 10 after days of tension regarding restrictions in Jerusalem, access to holy sites, and the expected eviction of Palestinian families from homes in the city.