Israel and Hamas have agreed to a ceasefire and hostage release deal pausing a devastating 15-month war in Gaza.

The initial phase of the deal is expected to see the release of dozens of hostages by Hamas and hundreds of prisoners by Israel.

CEO of Intelligent Risks, Neil Fergus told Dean Miller on 4BC Summer Breakfast, “It’s incredibly promising and hopefully by Sunday we may see the first tranche of the surviving hostages released.”

“It’s very fragile but it’s the best chance that we’ve had since May last year,” Fergus continued.

Hear more highlights from 4BC Summer Breakfast below:

Image: Getty Images/Amir Levy/Anadolu

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