ERBIL, Kurdistan Region of Iraq - US President Donald Trump addressed the Israeli Knesset on Monday, hailing the release of Israeli hostages in Gaza and the implementation of a ceasefire as an end to a "long and painful nightmare."

On a stopover in Jerusalem ahead of his expected attendance at the Gaza peace summit in Egypt's Sharm El-Sheikh later in the day, Trump struck a victorious tone as he addressed the Israeli legislature, asserting that his administration "settled eight wars in eight months."

"Yesterday we were saying seven, but now I can say eight; the hostages are back," he added, coming after Trump on Friday failed to secure the Nobel Peace Prize—which he was vocal in his pursuit of—with Venezuelan opposition leader Maria Corina Machado receiving the award in his stead.

Israeli opposition leader Yair Lapid referenced the snub, telling Trump, "The fact that you were not awarded the Nobel Peace Prize was a grave mistake by the committee."

"After so many years of unceasing war and endless danger, today the skies are calm and the guns are silent, the skies are still, and the sun may rise above the Holy Land that is finally at peace," Trump said. "It's the start of a grand concord of lasting harmony for Israel and all the nations of what will soon be a magnificent region."

Trump unveiled a 20-point peace plan for Gaza in late September, detailing a proposal that would see the release of all Israeli hostages in Gaza, a phased Israeli military withdrawal, and an eventual transition period in which Hamas would be forced to disarm and an international stabilization force deployed in the Strip.

Hamas agreed to the initial stage of the Gaza ceasefire deal, which includes the release of 48 Israeli hostages in exchange for 250 Palestinian prisoners and 1,700 Gazans held by Israel since the war broke out. Hamas has also insisted that seven Palestinian leaders be freed in the hostage-prisoner swap.

Hamas on Monday released the first seven of 20 living Israeli hostages to the Red Cross.

The US president also thanked Arab interlocutors for assisting in negotiating with Hamas to "set the hostages free." "Generations from now, this will be remembered as the moment that everything began to change, and change very much for the better," he added.

Two MPs, Ayman Odeh and Ofer Cassif of the left-wing Hadash party, were kicked out of the proceedings after displaying a sign saying "Recognize Palestine," coming after the US has repeatedly refused to recognize a Palestinian state despite a wave of recognition by Western countries such as the UK, Canada, and France in recent months.

The ceasefire deal has been hailed regionally and internationally as a major breakthrough aimed at ending the bloody war, coming after two years of sustained conflict in the region. According to Gaza’s health ministry, the Israeli offensive has resulted in the deaths of over 67,000 people, the majority of whom are civilians.