Israel’s cabinet agreed “to accept the Egyptian initiative for a bilateral cease-fire without any conditions, which will take effect later,” Netanyahu's office said in a statement.

The decision came after heavy U.S. pressure to halt the offensive. Multiple reports said the cease-fire was to go into effect at 2 a.m., just over three hours after the decision.

Times of Israel said ministers in the high-level security cabinet voted unanimously in favour of the ceasefire.

Defense officials briefing the ministers told them Israel has “exhausted” all of its possible military achievements in the conflict with Hamas in the coastal enclave, according to the Ynet news site.

“Hamas is deterred and suffered serious blows,” the official was quoted as telling the ministers.

A Hamas official also confirmed the ceasefire with Israel, saying it’ll begin at 2 a.m.

The official said the ceasefire will “mutual and simultaneous.”

Since the fighting began on May 10, at least 230 Palestinians have been killed, including 64 children and 38 women, and another 1,620 people have been wounded, according to the Gaza Health Ministry, which does not break the numbers down into fighters and civilians.

In Israel, 12 people, including a 5-year-old boy, a 16-year-old girl and a soldier, have been killed.