The Australian share market fell for the seventh straight session today.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 1.1% to 4,934 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 1.1% to 4,992 points
  • AUD/USD at US 69.77 cents
  • Iron Ore at US$42.13 according to the Metal Bulletin
  • Gold at US$1,103.16 an ounce
  • Brent oil at US$32.90 a barrel

The local share market headed sharply lower from the get-go this morning, following heavy selloffs on international markets on Friday. Steep falls in key commodity prices were again the catalysts behind the ASX’s selloff.

Oil prices currently sit at levels not seen for more than a decade, iron ore is fetching 70% less than the price it did at the start of 2014, while copper prices are near a seven-year low. The S&P/ASX 200 Materials index (Index: ^AXMJ) (ASX: XMJ) is trading at a level not seen since 2004.

Unsurprisingly, shares of BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) did most of the damage on the ASX today, falling 4.8% and 3.4%, respectively.

Macquarie Group Ltd (ASX: MQG), Westpac Banking Corp (ASX: WBC) and Insurance Australia Group Ltd (ASX: IAG) fell 3.4%, 1.4% and 2.5%, respectively. Shares of iSelect Limited (ASX: ISU), however, were the worst performing — falling a meaty 42% following a profit downgrade this morning.

Telstra Corporation Ltd (ASX: TLS), Wesfarmers Ltd (ASX: WES) and Newcrest Mining Limited (ASX: NCM) saw modest share price gains.

Here are Monday’s top stories:

  1. Why the Origin Energy Ltd share price slumped 7% today
  2. MARKET CRASH: What investors need to know
  3. Here’s why the iSelect Limited share price crashed 33%
  4. Oil shares could be set to crash further
  5. 3 shares at 52-week lows: Is it time to pick up a bargain?
  6. Is the share market going to crash in 2016?

At times like these, it’s important to remind ourselves that the share market is a long-term investment vehicle. Indeed, always keep cash aside for living expenses and remember: share price volatility is the price of admission to better gains over the long term.

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Motley Fool writer/analyst Owen Raszkiewicz has no position in any stocks mentioned.

Owen welcomes your feedback on Google plus (see below), LinkedIn or you can follow him on Twitter @ASXinvest.

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.