Israeli and Hamas delegations are convening in Egypt on Monday for high-stakes negotiations aimed at securing a long-awaited ceasefire in Gaza and a potential deal to exchange hostages for Palestinian prisoners.

The talks, held in the Red Sea resort city of Sharm el-Sheikh, come amid growing momentum following Israeli Prime Minister Benjamin Netanyahu’s remarks suggesting a breakthrough could be imminent.

Israel’s delegation is led by top negotiator Ron Dermer, while the Hamas delegation arrived earlier, according to Egyptian officials. U.S. Special Envoy Steve Witkoff is also attending the talks, which are being hosted under Egyptian mediation.

The negotiations are centered on a proposed deal that would see the release of all remaining hostages held by Hamas — currently estimated at 48, with around 20 believed to be alive — in exchange for thousands of Palestinians held in Israeli prisons. The agreement forms a central component of former U.S. President Donald Trump’s recently unveiled “21-point peace plan” for Gaza.

U.S. Secretary of State Marco Rubio praised the developments, calling it “the closest we’ve come to getting all of the hostages released.”

The renewed diplomatic push coincides with the second anniversary of Hamas’s deadly October 7, 2023, attack on southern Israel, which left 1,139 people dead, mostly civilians, and led to 250 hostages being taken. The assault triggered a massive Israeli military response, with daily operations continuing in Gaza ever since.

According to the Hamas-run Gaza Health Ministry, more than 67,000 Palestinians have been killed during the Israeli offensive. The United Nations has verified that over two-thirds of those deaths were women and children, although precise civilian and combatant breakdowns remain disputed.

Last Friday, Hamas expressed willingness to immediately release all hostages under the Trump plan, while stating that other terms still required “further consultation.”

Trump’s peace framework, presented alongside Netanyahu at the White House last week, calls for a permanent ceasefire, the disarmament of Hamas, and large-scale reconstruction efforts in Gaza, alongside the proposed prisoner-hostage exchange.

The coming days may prove pivotal, as regional and international actors push for a resolution to the two-year-long crisis that has devastated Gaza and strained geopolitical tensions across the Middle East.