Dhaka, Oct. 13 -- The International Committee of the Red Cross (ICRC) said Monday it had begun a "multi-phase operation" to oversee the exchange of hostages held in Gaza and Palestinian prisoners held in Israel, marking a major breakthrough in the ceasefire deal that aims to end two years of devastating war. Israelis on Monday prepared to welcome home the last 20 surviving hostages from Gaza while mourning those confirmed dead, as hundreds of Palestinian prisoners were also set for release.

The exchange follows an agreement reached under a U.S.-brokered ceasefire plan, with President Donald Trump and other world leaders arriving in the region to discuss postwar arrangements. The truce is also allowing a surge of humanitarian aid into Gaz...