Tom Fletcher, the United Nations Under-Secretary-General for Humanitarian Affairs, says he's prepared to release updates as they come about the body's efforts to work amid any potential ceasefire between Israel and Hamas.

Fletcher, who is also the UN's Emergency Relief Coordinator, says the next step should be to "get the hostages out and surge aid in – fast."

The ABC's Middle East Correspondent Matthew Doran has just spoken to Afternoon Briefing from Hostages Square in Tel Aviv.

He says while some people have been coming down to the square early in the morning to celebrate with music, others won’t believe the deal until all the hostages are released.

Responding to a question on reports of recent Israeli strikes on Gaza he said:

“We have not heard anything from the IDF specifically about the strikes occurring in the latest hours of the morning but there have been reports of explosions across the strip particularly in northern part of Gaza.

"Typically in the lead-up to a ceasefire with the intensification of that bombardment more and more strikes happen until that moment. 

"This time it could be different because there is this concern bombing any areas where civilians are will put the lives of those hostages at risk.”

There are 20 Israeli hostages believed to still be alive while in captivity in Gaza.

James Elder is the global spokesperson for UNICEF and is currently in Gaza, hours after the news broke of a potential peace agreement.

He's been posting his thoughts about the situation to his Instagram account, and he says that as the sun continues to rise over the Middle East there are signs of an "immense sense of joy, of relief".

Elder has also spoken about whether he imagined the prospect of peace, during his work in Gaza.

"I never thought it'd get to the point where 20,000 girls and boys  were killed," he said in an Instagram video. 

"I never thought it'd get to the point where the world failed Palestinians so badly where 1,000 babies have reportedly been killed. 

"No-one ever thought it would get to this point, the devastation of homes, of agriculture, of education, that bedrock, that great pride of Palestinians here.

"But, yes, once it did get to this point, people became terrified."

 It's just past 8.50am Thursday in Tel Aviv and Gaza, with people waking up to the news of the peace deal this morning.

Live feeds have been showing Israelis dancing and cheering in Tel Aviv's Hostages Square, which has been the gathering point of hostages' families and their supporters since the October 7 attacks. 

The scenes in Gaza look a little quieter, with people walking around without much fanfare.

Israeli Prime Minister Benjamin Netanyahu has said his government would convene on Thursday to ratify the agreement.

20 living Israeli hostages are to be released in exchange for 2,000 Palestinian prisoners.

Hamas has made a major concession by agreeing to release the remaining hostages, and has taken a huge risk. 

International relations expert Rajan Menon says that Hamas is taking that risk in order to secure an on-going ceasefire.

"This is a gamble because some days ago, President Trump said Hamas indicated that it's interested in peace and Israel should therefore immediately stop the bombing.

"And Netanyahu did no such thing," he told the the ABC News Daily podcast.

He says the last ceasefire in Gaza came to an end in January 2025, when Israel refused to continue negotiations about a complete withdrawal of troops from the strip.

"The real question is, will President Trump tell the Israelis that they have to agree that this ceasefire will be permanent and that what happened in the case of the January 2025 agreement cannot be allowed to repeat."

You can hear the full episode of ABC News Daily below.

In case you may have missed it, Hamas has released its own statement in reaction to today's news.

This is what it says:

"We highly appreciate the efforts of our brothers and mediators in Qatar, Egypt, and Turkey, and we also value the efforts of US President Donald Trump aimed at ending the war completely and achieving a full withdrawal of the occupation from the Gaza Strip.

"We call on President Trump, the guarantor states of the agreement, and all Arab, Islamic, and international parties to compel the occupation government to fully implement its obligations under the agreement and to prevent it from evading or delaying the implementation of what has been agreed upon.

"We affirm that the sacrifices of our people will not be in vain, and that we will remain true to our pledge — never abandoning our people’s national rights until freedom, independence, and self-determination are achieved".

We're starting to see some global leaders and other politicians offering their reactions to the news of potential peace between Israel and Hamas.

These are the leaders we've heard from so far:

British Prime Minister Keir Starmer said: "I welcome the news that a deal has been reached … this agreement must now be implemented in full, without delay, and accompanied by the immediate lifting of all restrictions on life-saving humanitarian aid to Gaza".

Argentine President Javier Milei applauded the deal, calling it historic, and said he would nominate Donald Trump for the Nobel Peace Prize.

New Zealand’s Foreign Minister, Winston Peters said Israelis and Palestinians have suffered immensely and that "today is a positive first step in bringing that suffering to an end”.

Japan’s Chief Cabinet Secretary Yoshimasa Hayashi also welcomed the agreement as a “major step” toward calming the situation and achieving a two-state settlement.

Italy's Foreign Minister Antonio Tajani has also welcomed the news, saying his country is "ready to do its part to consolidate the ceasefire" and prepared "to send troops in case of the creation of an international peacekeeping force to reunify Palestine."

Reporting with AP

The latest statement from the Israel Defense Forces appears to suggest the military is still acting with caution ahead of any potential hostage-prisoner swap with Hamas in Gaza.

In a statement posted to X this hour, the IDF says:

"During a situational assessment held overnight, the Chief of the General Staff instructed all forces, both on the front lines and in the rear areas, to prepare strong defenses and be ready for any scenario. 

"Force deployments will be carried out in accordance with the directives of the political echelon and the stages of the agreement, with responsibility and a focus on the safety of our soldiers.

"At the same time, the Chief of the General Staff instructed to prepare to lead the operation for the hostages’ return, which is expected to be conducted with sensitivity and professionalism."

Alaa Abd Rabbo, displaced from northern Gaza to Deir al-Balah, said the ceasefire deal is "a Godsend day of relief".

"We are tired . We have been displaced and this is the day we have been waiting for," Abd Rabbo said.

"We want to go home, to tend to our affairs, to check on our homes. Even though there are no more homes, but we still want to go home. We want to work. We have been sleeping and staying on the streets."

Meanwhile, paramedic Saeed Awad said he was first sceptical about the possibility of a ceasefire because of previous failed attempts to end the war.

"They all ended in failure. So we didn’t really pay attention to this [round],” he said.

Reporting with AP

To give you more of an insight into the scenes in Tel Aviv after Donald Trump's news broke of the Israel-Hamas peace proposal agreement, here is some more video of how the families of hostages celebrated.

Bottles of champagne were popped into crowds at Hostages Square in Tel Aviv, there were cheers of elation, and hugs and tears.

You can watch that moment, here: