Israel and Hamas have reached an agreement on a multiphase ceasefire that commits them to end the war in Gaza, Senate Foreign Relations Committee Chairman James Risch said.

Israel and Hamas have reached a ceasefire and hostage release agreement to halt more than a year of fighting in the Gaza Strip, U.S. officials told CBS News' Margaret Brennan on Thursday. The deal comes after a week of intense negotiations mediated by the Qatar, the U.S. and Egypt.