If it's a roundabout, the traffic across the roundabout is not actually oncoming, it's the traffic approaching from your left around the roundabout that you need to watch out for.

The obstruction in the middle also makes the existence of a roundabout more obvious.

Here‘s an example of how they are handled in Germany:

https://goo.gl/maps/cmLVxuhViyF2

The space it requires is not much bigger than the traffic light. That town replaced many of its intersections with roundabouts even in central and older parts of the city.

(You might say they went a little overboard with it, looking at the southern limits near that hospital.)