Israeli Prime Minister Benjamin Netanyahu has nominated U.S. President Donald Trump for the Nobel Peace Prize, the highest profile international award given to an individual or organization deemed to have done the most to "advance fellowship between nations.

President Donald Trump and his allies are using the tentative ceasefire agreement between Israel and Iran as a reason to argue he should receive the Nobel Peace Prize, an award Trump has been angling to receive for years.

Trump's current odds for winning the Nobel Peace Prize range between 17/2 (10.5 percent) and 6/1 (14.3 percent) across several major sportsbooks, according to the betting website Oddschecker, placing him as the second favorite for bookmakers.