BEIRUT, June 2 -- Lebanon has announced that Hezbollah has accepted a United States-backed proposal to halt attacks on Israel in exchange for an end to Israeli strikes on Beirut's southern suburbs, raising hopes for a reduction in hostilities amid ongoing regional tensions.

Read More: US urges Hezbollah to halt attacks amid Lebanon tensions

According to a statement from the Lebanese Embassy in Washington, which was shared by the Lebanese presidency, the arrangement would see Israeli attacks on Dahiyeh, a southern suburb of Beirut and a Hezbollah stronghold, cease in return for Hezbollah refraining from launching attacks against Israel.

The development came after US President Donald Trump said he had held productive discussions with bot...