Key Points

• Iranian state media on Tuesday reported a partial and temporary closure of the Strait of Hormuz, widely considered one of the world's most important oil choke points.

• It comes as the U.S. and Iran hold nuclear talks in the Swiss city of Geneva.

• Oil prices were last seen trading lower, erasing earlier gains, as the talks concluded.

Iran partially closed the strategically vital Strait of Hormuz on Tuesday, state media reported, citing "security precautions" as Tehran's Revolutionary Guard conducts military drills in the waterway.

It comes as the U.S. and Iran hold talks in the Swiss city of Geneva, seeking to resolve an ongoing dispute over Tehran's nuclear program.