By Andrew Osborn, Jeff Mason and Timothy Gardner

MOSCOW (Reuters) -U.S. President Donald Trump hit Russia’s two biggest oil companies with sanctions in his latest sharp policy shift on Moscow’s war in Ukraine, prompting global oil prices to rise by 3% on Thursday and India to consider cutting Russian imports.

The sanctions, unveiled by the U.S. Treasury, target oil companies Rosneft and Lukoil, and mark a dramatic U-turn by Trump, who said only last week that he and Russian President Vladimir Putin would hold a summit in Budapest to try to end the war in Ukraine.

But in his latest turnaround on the conflict, Trump said on Wednesday the planned summit was off because he did not believe it would achieve the outcome he wanted and complained that his many “good conversations” with Putin did

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