KUALA LUMPUR — Asia-Pacific airlines face growing exposure to elevated jet fuel prices as older hedging contracts expire and carriers must decide whether to lock in new cover at higher levels, industry executives said. The spot price of jet fuel is trading at about $148 a barrel, down from nearly $180 at the end of October but still far higher than $85 or so before the Iran war began in late February. Wong Hong, director general of the Association of Asia Pacific Airlines…