Prime Minister Benjamin Netanyahu said in a statement on Tuesday morning that Israel had agreed to the truce proposal announced by United States President Donald Trump overnight.
Earlier, Iranian state television reported that the ceasefire had begun.
The Israeli statement came not long after Trump had stated in a post on social media that the ceasefire was under way.
“The ceasefire is now in effect. Please do not violate it!” he noted.
While Netanyahu threatened that Israel would respond forcefully to any violation of the ceasefire, the agreement raises hopes for a de-escalation in a conflict that intensified dramatically in recent days, as the US bombed Iran’s nuclear facilities and Tehran attacked an American base in Qatar.
“In light of the achievement of the objectives of the operation, and in full coordination with President Trump, Israel has agreed to the President’s proposal for a bilateral ceasefire,” he added.
A fragile peace appeared to take hold early on Tuesday, with reports of hostilities ceasing following six waves of missile launches by Iran.
Iranian Foreign Minister Seyed Abbas Araghchi implied the strikes were launched just before a 07.30 GMT deadline announced by Trump.
“The military operations of our powerful Armed Forces to punish Israel for its aggression continued until the very last minute,” he wrote on social media.
Several people were killed in the attacks, emergency services and the Israeli military confirmed. Not long afterwards, Israelis were told they could leave missile shelters, and no further launches have been reported.