to read: to take in the meaning of a written text
This is the ordinary Greek word for reading, and in the New Testament it almost always points to reading Scripture. Its two shades are not different meanings but the same act in two settings. One person can read quietly and privately, running their eyes over a text to understand it. Or a text can be read out loud to a gathered group, which was the normal way most people met the Scriptures in a world where copies were scarce and many could not read for themselves.
When Jesus challenges his opponents with "have you not read?" he assumes they know the written text well enough to reason from it. When Paul directs that his letters be read to the whole assembly, he means someone will stand and read them aloud so everyone hears. Both are the same activity, so English uses one word, "read," for both. The public sense is easy to miss today, because for us reading usually means something silent and solitary.
A closely related idea rides along with the word: to read is to understand. In several places the point is not just that the eyes pass over the words but that the reader grasps what they mean, which is why the text can add a warning like "let the reader understand."