Hostage-prisoner swap completes first phase
US President Donald Trump declared “momentum towards a lasting peace” after Hamas released the final 20 living Israeli hostages and Israel freed 1,968 Palestinian prisoners – the centrepiece exchange in the opening phase of his 20-point Gaza plan.
The deal, which also envisages the return of the bodies of 28 Israelis who died in captivity or on October 7, 2023, delivered an emotional surge of relief but left difficult questions unresolved after Hamas said it would hand over only four bodies on Monday, prompting a sharp rebuke from Israeli defence minister Israel Katz.
The two-year war – sparked by Hamas’s assault that killed about 1,200 people and saw roughly 250 abducted – has devastated Gaza and left nearly 68,000 Palestinians dead (including Hamas fighters), according to local officials.
Trump contends the swap marks “not only the end of war” but “the start of a grand concord,” yet both Israel and Hamas still need to sign off the second phase that would turn a fragile ceasefire into a permanent end to fighting.
Ovations in the Knesset, absent Netanyahu
In Jerusalem, Trump received multiple standing ovations during a rare address to the Knesset, vowing to “stay the course” until the plan is carried out in full.
He framed the moment as the “historic dawn of a new Middle East”, urging Israelis to pivot from battlefield victories to a durable political settlement.
Prime Minister Benjamin Netanyahu, who has praised Trump’s support and the agreement’s potential, did not travel to the subsequent summit in Egypt, with his office citing the proximity of a Jewish holiday.
Families of Israeli hostages welcomed the living returnees home but voiced anguish that most of the deceased have yet to be repatriated.
Israeli officials warned that failure to deliver the remaining bodies violates the understandings and would draw a response. The political pressure on Netanyahu also persists: far-right partners threaten to bolt if Hamas is not disarmed and dismantled.
Sharm el-Sheikh summit and signatures
Later in Sharm el-Sheikh, Trump joined Egyptian President Abdel Fattah al-Sisi, Turkey’s president and Qatar’s emir to sign the text of the Gaza accord before an audience of Arab, European and other leaders.
Sisi hailed the agreement as the region’s “last hope for peace” and awarded Trump Egypt’s Order of the Nile. Trump cast the ceremony as proof of broad backing for the plan’s next steps, which include a stabilisation force in Gaza, a ramp-up in humanitarian aid, and a reconstruction drive governed by an international “Board of Peace”.
European Commission president Ursula von der Leyen signalled the EU’s willingness to support governance reforms and Gaza’s rebuilding, while Ukraine’s president Volodymyr Zelenskyy said the Gaza ceasefire had inspired hope for diplomacy elsewhere.
Regional scepticism remains: Saudi Arabia’s crown prince skipped the summit, sending his foreign minister instead – a reminder that normalisation and long-term regional alignment still hinge on what follows in Gaza.
Phase two hurdles and risks
The second phase is where the plan will be tested. Trump and Arab partners want the ceasefire hardened into a permanent cessation of hostilities alongside demilitarisation in Gaza.
For Israel, that means verifiable steps that prevent Hamas’s rearmament and rocket production; for Hamas, disarmament strikes at the core of its armed identity. Even if a stabilisation force deploys, credible policing, border security, and a pathway to Palestinian self-governance will be required to avoid a vacuum that could be exploited by spoilers.
Inside Israel, the debate is acute. Security chiefs stress that “victory” by force has limits and that strategic gains now depend on political arrangements.
Yet coalition arithmetic is precarious, and any perception of concessions without iron-clad guarantees could trigger a domestic backlash. Across the Palestinian arena, legitimacy and capacity gaps loom: the Palestinian Authority’s role in post-war Gaza remains contested and will demand reforms, funding and a security build-up acceptable to both Gazans and regional guarantors.
Aid, reconstruction and next steps
Humanitarian agencies say the truce has already allowed more food, fuel, medical supplies and shelter materials into Gaza, with hot meals and bread distributions expanding as access improves.
The reconstruction task is vast: clearing rubble, restoring power and water, reopening schools and hospitals, and reviving basic commerce. Trump told leaders there would be “a lot of money” and “a lot of building” – but he tied that promise to demilitarisation and oversight.
Diplomats describe a narrow window: consolidate the swap, press for the remaining bodies’ return, and move swiftly to lock in the ceasefire while mapping a credible political horizon. That horizon cannot dodge the region’s longer-term calculus – from a two-state framework to security arrangements with Egypt and Israel – or the need to incentivise all sides to keep faith with an agreement born of exhaustion as much as ambition.
For now, the planes, buses and motorcades carry a powerful symbolism: hostages stepping back into the light; prisoners returning to families; leaders signing a page that may or may not hold.
Trump’s whirlwind tour – from Ben Gurion to the Knesset to the Red Sea – has created the most consequential opening since the war began. Whether it becomes the foundation of “a strong, durable and everlasting peace” depends on what happens next: verification, restraint and the political courage to make the hard parts stick.
