Republican presidential hopefuls Mitt Romney and Rick Santorum finished in a virtual draw in the party's first contest of the season.

With 99% of the vote counted,  Santorum and Romney, whose views represent the polar sides of the party, each had 24.6%, the closest finish in the history of the Iowa caucuses. The two traded the lead several times ever since returns starting trickling in Tuesday night

Texas representative Ron Paul finished close third late on Tuesday with 21%, followed by former House Speaker Newt Gingrich (13%) and Rick Perry (10%,) The New York Times informs.

Perry, who started a prime contender for the nomination last summer, broke off plans to fly to South Carolina and headed back to Texas to reassess his campaign.

Virtually the same number of Republicans turned out to vote in Iowa as in 2008.

Caucuses and primary elections are to follow in 50 states, culminating in the Republican National Convention in August where the party nominee will be formally anointed.