Speaking at a joint press conference with U.S. Secretary of State Hillary Clinton in Cairo on Wednesday, Egyptian Foreign Minister Mohamed Kamel Amr announced that a cease-fire agreement has been struck between Israeli forces and Hamas militants. It will go into effect at 2 p.m. ET.
The Associated Press provides some details of the cease-fire:
In details of the agreement obtained exclusively by The Associated Press, the official said Israel would cease all military activity against the Hamas-ruled Gaza Strip and Palestinian militants would cease rocket attacks into Israel. After 24 hours of quiet, Gaza's border crossings with Israel would be opened further to allow freer movement of goods and people.
Correction: The post has been corrected to indicate that the press conference involved Clinton and Amr, not Egyptian President Mohamed Morsi.