Hezbollah officials haven't said anything on the record about the agreement.
A ceasefire has gone into effect at 4 a.m. local time Wednesday morning after Israel's Cabinet approved the U.S.-backed ceasefire proposal between Israel and Hezbollah on Tuesday after prolonged negotiations.
The Israel Defense Forces continued its intense airstrike and ground campaigns in Gaza and in Lebanon, with Israeli attacks on targets nationwide including in the capital Beirut.
Tensions also remain high between Israel and Iran after tit-for-tat long-range strikes in recent months and threats of further military action from both sides.
There were reports of strikes in central Beirut minutes after President Joe Biden finished speaking, announcing a ceasefire deal between Israel and Hezbollah.
The ceasefire is set to take effect at 4 a.m. local time Wednesday.
-ABC News' Ghazi Balkiz
A ceasefire between Israel and Hezbollah will begin at 4 a.m. local time on Wednesday under a U.S.-brokered deal, President Joe Biden announced Tuesday.
"Israel did not launch this war. The Lebanese people did not want this either," Biden said in an address Tuesday.
"This has been the deadliest conflict between Israel and Hezbollah in decades," Biden said.
Biden warned that Israel "retains the right to self-defense" if Hezbollah or anyone else attacks Israel.
Biden also called for a ceasefire and hostage release deal in Gaza. The U.S. is working with Egypt, Turkey and other partners to attain a ceasefire in Gaza, Biden said.
"The people in Gaza have been through hell," Biden said.
Israel's cabinet has approved the U.S.-backed ceasefire proposal between Israel and Hezbollah.
Israeli Prime Minister Benjamin Netanyahu had submitted the proposal to the cabinet for approval Tuesday.
Far-right Israeli Minister Ben Gvir was the only minister who voted against deal. The 10 other ministers in the cabinet voted in favor of the deal.
Netanyahu thanked President Joe Biden for "the US involvement in achieving the ceasefire agreement," and for "the understanding that Israel will maintain freedom of action in its enforcement," a statement said.
-ABC News' Jordana Miller
All schools in Lebanon will be closed Wednesday due to "ongoing aggression and the current dangerous conditions" in Lebanon from Israel's increased attacks on the country, the Lebanese Minister of Education and Higher Education Dr. Abbas Al-Halabi said Tuesday.
"These measures aim to preserve the safety of students, educational bodies and parents, in light of the ongoing aggression and the current dangerous conditions and the threats announced by the Israeli enemy and his treachery that does not spare the peaceful people and the infrastructure," Al-Halabi said in the statement.
Although Israeli Prime Minister Benjamin Netanyahu recommended a U.S.-brokered ceasefire deal between Israel and Hezbollah be approved by the Israeli cabinet Tuesday night, Israel hit Beirut and southern Lebanon with numerous strikes throughout the day Tuesday.
-ABC News' Ghazi Balkiz
