News of the ceasefire agreement reached between Israel and Hamas was met with celebrations and joyous scenes in both Gaza and Israel, though residents on both sides of the devastating war expressed trepidation that a deal may still fall through.

US President Donald Trump announced that negotiators had reached an agreement in the Egyptian city of Sharm El Sheikh late Wednesday, saying Israel and Hamas had signed off on the first phase of a ceasefire framework.

The plan includes the release of all hostages held by Hamas and the withdrawal of Israeli troops to an agreed upon line, according to Trump.

A Qatari official later said the agreement will "lead to ending the war, the release of Israeli hostages and Palestinian prisoners, and the entry of aid."

However, there is a still a lack of clarity on key sticking points, including the disarmament of Hamas, kra36 the future governance of Gaza as well as what, if any, security guarantees have been made to stop hostilities from erupting once again.

Jubilant crowds gathered in Tel Aviv’s Hostages Square to celebrate the agreement, with many people expressing joy that the hostages held captive by Hamas may finally come home.

Former hostages released as part of earlier ceasefire agreements, and families of those still held captive, joined the crowds who were hugging, singing and raising glasses.

"Our hearts are filled with joy, I cannot even know how to hold it in," Tel Aviv resident Hillel Mayer told CNN from the square.