UPDATE — 3:15 a.m. ET: Hamas rejected Egypt’s proposal for a cease-fire, moments after Israel accepted it:

JERUSALEM (AP) — The Israeli Cabinet has accepted an Egyptian proposal for a cease-fire to end a week of conflict with Hamas militants in the Gaza Strip that has killed 185 Palestinians and exposed millions of Israelis to Hamas rocket fire.

The office of Prime Minister Benjamin Netanyahu says the Cabinet met on Tuesday morning and accepted the proposal, which went into effect at 9 a.m.

Israeli Prime Minister Benjamin Netanyahu gestures as he speaks during a press conference at the defense ministry in the Israeli coastal city of Tel Aviv on Friday, July 11, 2014. (AP photo/Gali Tibbon, Pool)

It calls for a cease-fire to begin within 12 hours of “unconditional acceptance” by the sides, followed by the opening of Gaza’s border crossings and talks in Cairo within two days.

Hamas has acknowledged “diplomatic movement” on ending the conflict without yet formally accepting the proposal.

Israel launched the offensive last Tuesday, saying it was responding to weeks of rocket fire out of the Hamas-ruled territory.