Audio Static exposed wire.

I have a 6 year old set or urbanear headphones and I get an unacceptable amount of static when I use them. I opened one side of the speaker and I can see that there are two wires going to the speaker itself. One has insulation and the other does not. If the uninsulated wire touched the contact (solder point) of the insulated wire could this be a cause for the static I'm hearing? I have a picture below, I hope that can clear up any confusion, I'm not very experienced in repair, I apologize if I have used wrong terminology.