Is it legal to invest in the stock market in Iran ?

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As a US citizen there are very few things you can do in terms of transacting with/in Iran. While technically the sanctions with Iran are not considered comprehensive (i.e. Like Cuba), the sanctions are still very broad and far reaching as far as Iran is concerned.

An overview of OFAC regulations involving Sanctions against Iran

Also here are the codified regs discussing Sanctions against Iran:

31 CFR 535

As far as I can tell based on 31 CFR 535.202 you as a US Citizen would not be able to invest in a security in Iran unless you have an OFAC license. The prohibition includes the following:

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§535.202 Transactions with respect to securities registered or inscribed in the name of Iran. Unless authorized by a license expressly referring to this section, the acquisition, transfer (including the transfer on the books of any issuer or agent thereof), disposition, transportation, importation, exportation, or withdrawal of, or the endorsement or guaranty of signatures on or otherwise dealing in any security (or evidence thereof) registered or inscribed in the name of any Iranian entity is prohibited irrespective of the fact that at any time (either prior to, on, or subsequent to the effective date) the registered or inscribed owner thereof may have, or appears to have, assigned, transferred or otherwise disposed of any such security.

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All that said when it comes to dealing with Iran even if what you are technically doing is legal good luck having your Bank approve the transaction.

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It's a good investment
With the sanctions gradually being lifted the Iranian stocks are booming

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the country isn't quite as wacko as the U.S. media would like you to think.

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Agreed, there's a fairly substantial and sane educated class over there.

But again, if you're a US citizen it would be hard to invest there unless you're willing to personally carry the cash across the border.

ETA: And good luck trying to get profits back out.

The sanctions against Iran are being relaxed not lifted. We've had sanctions programs against Iran for 30+ years. I don't foresee in the near future a total lifting of sanctions against Iran.

See my post above where I linked you to the current regs. For what you're wanting to do it is highly likely you are not allowed without an OFAC license. Also, even if it is technically legal most institutions in the US just outright ban transactions with Iran regardless of legality.