Israel and fighters in the Hamas-controlled Gaza Strip will "hold fire" beginning at 2 p.m. ET, Egyptian Foreign Minister Mohamed Kamel Amr announced at a joint news conference this afternoon with Secretary of State Hillary Rodham Clinton.
Egypt has been trying to broker a truce in the week-old exchange of rockets and air strikes between Israel and militants in Gaza.
We'll post more on the agreement, which was announced at 12:35 p.m. ET., as the story develops.