A cease fire came into force in the Gaza Strip early Friday after Egypt brokered an agreement between Israel and Hamas to halt 11 days of conflict.

A statement from Israel Prime Minister Benjamin Netanyahu's office said the security cabinet had "unanimously accepted the recommendations to accept an Egyptian initiative for an unconditional...cease fire."

Israel has approved a cease-fire with Hamas to halt a bruising 11-day fighting that left more than 200 people dead and caused widespread destruction in the Gaza Strip, reports said Friday.

In a majority vote, Prime Minister Benjamin Netanyahu's security cabinet approved an unconditional and bilateral cease-fire agreement brokered by Egypt late Thursday evening, Netanyahu's office said in a statement.

Thousands of people in Gaza and Hamas-controlled territories poured onto the streets after the news, waving flags and flashing "V" signs to signify victory. Some shouted "Allahu akbar" while others fired in the air to celebrate the truce.

But Hamas warned it still had its "hands on the trigger," and demanded Israel to halt the violence in Jerusalem and address the destruction in Gaza Strip following the worst conflict in years, Reuters said.

The development came a day after U.S. President Joe Biden called on Netanyahu to seek de-escalation, and in the wake of mediation attempts by Egypt, Qatar and the United Nations.

The fighting broke out May 10, when Hamas militants in Gaza launched missiles toward Jerusalem. The attack came after days of clashes between Hamas demonstrators and Israeli security forces at the Al-Aqsa Mosque compound.

"Gaza is an integral part of the future Palestinian state and no effort should be spared to bring about real national reconciliation that ends the division," Al Jazeera quoted UN secretary-general Antonio Guterres as saying.

In Washington, U.S. President Joe Biden hailed the cease-fire. "I believe we have a genuine opportunity to make progress, and I'm committed to working for it," he said.

"With utter happiness, I have received a phone call from President Biden in which we have exchanged visions around reaching a formula that would calm the current conflict between Israel and Gaza," Abdel Fattah el-Sisi, Egyptian president, said.

In Gaza, Hamas representative Abdelatif al-Qanou said Israel's announcement was a "declaration of defeat." Nevertheless, the militant group said it would honor the deal, according to The Associated Press.

Meanwhile, fighting has appeared to continue despite the cease-fire deal. Late Thursday evening, sirens still blared in parts of southern Israel, the Israeli Defense Forces said, and Israel kept bombing targets in Gaza, according to reports from Al Jazeera.