A Gaza Strip ceasefire agreement to end two days of fighting that has left 32 people dead came into effect early on Thursday, according to an Egyptian source and Islamic Jihad, Eurasia Diary reports citing Aljazeera.

The "ceasefire agreement comes as a result of Egypt's efforts" and has been endorsed by "Palestinian factions including Islamic Jihad", a top Egyptian official told the news agency AFP.

An Islamic Jihad source also confirmed the agreement to both AFP and Associated Press.

According to the official, the agreement stipulates that Palestinian factions must ensure a return to calm in Gaza and "maintain peace" during demonstrations, while Israel must stop hostilities and "ensure a ceasefire" during demonstrations by Palestinians.

There was no immediate confirmation of the agreement from Israel. 

Its officials had said previously that if Islamic Jihad fighters ceased fire, Israel would follow suit.

The agreement, which entered into force at 5.30am local time (03:30 GMT), came after the death toll from Israeli airstrikes on the Gaza Strip rose to 32. 

Following an Israeli attack on Tuesday that killed a top Islamic Jihad commander in Gaza, the two sides had been exchanging fire, and Israel's military said it recorded more than 350 incoming rockets.