After days of rocket attacks by militants in Gaza and airstrikes by Israel, the two sides have agreed to a ceasefire mediate by Egypt.
According to the Palestinian Health Ministry, Israel's air strikes have reportedly killed at least 43.
Israel says the group Palestinian Islamic Jihad has fired hundreds of missiles at Israel since last Friday.
Kim Hyo-sun reports.
Israel and the Palestinian Islamic Jihad militant group agreed to a ceasefire mediated by Egypt late on Sunday.
"We announce a ceasefire from 11:30pm and we welcome the Egyptian efforts that were made to end this battle."
This comes after three days of intense cross-border fighting triggered by surprise Israeli airstrikes.
The latest clashes have echoed preludes to previous Gaza wars.
The Palestinian Health Ministry confirmed that at least 43 people, almost half of them civilians including children, were killed in the strikes.
Over 3-hundred others were injured.
Even leading up to the truce, rockets were still being launched across the border by both sides.
Amid sirens and explosions, people were witnessed fleeing in Tel Aviv.
Against this backdrop, a second senior commander of the militant Islamic Jihad group was killed according to Reuters on Sunday.
This comes on the heels of the death of another senior commander, who was killed last Friday.
This is the worst outbreak of violence between Israeli and Palestinian militants since an 11-day war in May last year.
Whether the latest confrontation could yet escalate into a full-scale conflict is largely dependent on whether Hamas, the largest Islamist movement controlling the Gaza strip, decides to intervene.
Kim Hyo-sun, Arirang News.