Grad rocket pulled from Red Sea....

Looks like it was fired from the Sinai....

The suspicious object pulled out of the water of Eilat Bay earlier Saturday is a 120mm Grad rocket, officials say.

The object was identified after it was examined by the Navy, other IDF officials, and the police. The rocket's identification reinforces the estimate that it was fired from Sinai Thursday.

However, at this time the rocket's target is unclear. No answers to the question have been found on the intelligence front, while Israel, Egypt, and Jordan continue to look into the incident.

A security official said that Palestinian organizations affiliated with Global Jihad were believed to be behind the attack, and may very well have tried to target Eilat, Israel's most southern city and a thriving tourist site.